By Christine Van Dusen
Atlanta, Nov. 3 – Korea Export-Import Bank (Kexim) priced a $1.75 billion issue of notes due in 2021 and 2025 (expected ratings: Aa3/AA-/AA-), a market source said.
The $750 million 2½% notes due May 10, 2021 priced at 99.969 to yield Treasuries plus 95 basis points. The notes were talked at a spread in the 110 bps area.
The $1 billion 3¼% 10-year notes priced at 99.746 to yield Treasuries plus 110 bps, following talk in the 130 bps area.
ANZ Securities, Barclays, BNP Paribas, BofA Merrill Lynch, Citigroup and Societe Generale CIB were the joint bookrunners for the Securities and Exchange Commission-registered deal. Samsung Securities is a joint lead manager.
The proceeds will be used for general operations, including extending foreign currency loans and repayment of maturing debt.
| Issuer: | Korea Export-Import Bank (Kexim)
|
| Amount: | $1.75 billion
|
| Description: | Notes
|
| Bookrunners: | ANZ Securities, Barclays, BNP Paribas, BofA Merrill Lynch, Citigroup, Societe Generale CIB
|
| Joint lead manager: | Samsung Securities
|
| Trade date: | Nov. 2
|
| Expected ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
|
|
| Notes due May 2021
|
| Amount: | $750 million
|
| Maturity: | May 10, 2021
|
| Coupon: | 2½%
|
| Price: | 99.969
|
| Spread: | Treasuries plus 95 bps
|
| Price talk: | Treasuries plus 110 bps area
|
|
|
| Notes due 2025
|
| Amount: | $1 billion
|
| Maturity: | Nov. 1, 2025
|
| Coupon: | 3¼%
|
| Price: | 99.746
|
| Spread: | Treasuries plus 110 bps
|
| Price talk: | Treasuries plus 130 bps area
|
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