Korea's Kexim Bank to price maximum $1 billion two-part notes transaction this week

By Paul A. Harris

St. Louis, Sept. 25 - The Export-Import Bank of Korea (Kexim) plans to price a maximum of $1 billion of senior unsecured notes (A3/A/A+) in two dollar-denominated tranches this week, according to an informed source.

The Seoul, Korea-based official export credit agency plans to sell five-year floating-rate notes. The guidance is Libor plus the mid-to-low 20 basis point area.

Kexim also plans to sell 10-year fixed-rate notes. The initial guidance of the fixed-rate notes is mid-swaps plus the low-to-mid 30 basis point area.

Tranche sizes remain to be determined.

Barclays Capital, Credit Suisse, Morgan Stanley and UBS are managing the Rule 144A and Regulation S transaction.

On Feb. 7, 2006 Kexim priced $1 billion equivalent in two tranches: $600 million five-year fixed-rate notes, which priced at 99.496 to yield 71.5 basis points more than Treasuries, and €325 million of seven-year floating-rate notes, which priced at par to yield Euribor plus 24 basis points.

Kexim provides export credit and project finance to support Korean enterprises in conducting business internationally.

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