Korea’s Kexim sets talk for three of four tranches of dollar notes due in three, five and 10˝ years

By Christine Van Dusen

Atlanta, Oct. 13 – The Export-Import Bank of Korea (Kexim) set talk for three tranches of a four-tranche offering of fixed- and floating-rate notes due in three, five and 10˝ years (expected ratings: Aa2/AA/AA-), a market source said.

The dollar benchmark notes due in three years were talked in the Treasuries plus 65 basis points area.

The dollar benchmark notes due in five years were talked in the Treasuries plus 75 bps area.

The dollar benchmark notes due in 10˝ years were talked in the Treasuries plus 75 bps area.

Details about the three-year tranche of floating-rate dollar benchmark notes were not immediately available.

ANZ Securities, BofA Merrill Lynch, Credit Agricole CIB, Morgan Stanley, Mizuho Securities, Societe Generale CIB and UBS were the joint bookrunners and – along with Samsung Securities – the joint leads for the Securities and Exchange Commission-registered deal. Kexim UK is a co-manager.

The proceeds will be used for general operations, according to a company filing.

The lender is based in Seoul.

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