Published on 1/13/2015 in the Prospect News Emerging Markets Daily.
New Issue: Korea’s Kexim prices $2.25 billion notes due 2020, 2025
By Christine Van Dusen
Atlanta, Jan. 13 – Korea Export-Import Bank priced a two-tranche issue of $2.25 billion notes due Jan. 21, 2020 and 2025 (expected ratings: Aa3/A+/AA-), a market source said.
The $1 billion 2¼% notes due in 2020 priced at 99.821. Other pricing details were not immediately available on Tuesday morning.
The $1.25 billion 2 7/8% notes due 2025 priced at 99.483 to yield 2.935%, or Treasuries plus 120 bps.
BofA Merrill Lynch, Barclays, Citigroup, Deutsche Bank, HSBC, JPMorgan and RBS were the bookrunners for the Securities and Exchange Commission-registered deal.
| Issuer: | Korea Export-Import Bank
|
| Amount: | $2.25 billion
|
| Description: | Notes
|
| Bookrunners: | BofA Merrill Lynch, Barclays, Citigroup, Deutsche Bank, HSBC, JPMorgan, RBS
|
| Trade date: | Jan. 13
|
| Settlement date: | Jan. 21
|
| Expected ratings: | Moody’s: Aa3
|
| Standard & Poor’s: A+
|
| Fitch: AA-
|
| Distribution: | Securities and Exchange Commission registered
|
|
|
| Notes due 2020
|
| Amount: | $1 billion
|
| Maturity: | Jan. 21, 2020
|
| Coupon: | 2¼%
|
| Price: | 99.821
|
|
|
| Notes due 2025
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| Amount: | $1.25 billion
|
| Maturity: | Jan. 21, 2025
|
| Coupon: | 2 7/8%
|
| Price: | 99.483
|
| Yield: | 2.935%
|
| Price talk: | Treasuries plus 120 bps
|
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