By Christine Van Dusen
Atlanta, Oct. 13 – The Export-Import Bank of Korea (Kexim) priced $2.5 billion in four tranches of notes due in three, five and 10˝ years (expected ratings: Aa2/AA/AA-) on Thursday, a market source said.
The $750 million 1˝% three-year notes priced at 99.685 to yield Treasuries plus 60 basis points, following talk in the Treasuries plus 65 bps area.
The $750 million three-year floating-rate notes priced at par to yield Libor plus 46 bps.
The $300 million 1 7/8% five-year notes priced at 99.564 to yield Treasuries plus 70 bps, following talk in the 75 bps area.
The $700 million 2 3/8% notes due April 21, 2027 priced at 99.355 to yield Treasuries plus 70 bps, following talk in the 75 bps area.
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 lead managers for the Securities and Exchange Commission-registered deal.
The proceeds will be used for general operations, according to a company filing.
The lender is based in Seoul.
| Issuer: | Export-Import Bank of Korea (Kexim)
|
| Amount: | $2.5 billion
|
| Description: | Fixed-rate notes, floating-rate notes
|
| Bookrunners: | ANZ Securities, BofA Merrill Lynch, Credit Agricole CIB, Morgan Stanley, Mizuho Securities, Societe Generale CIB, UBS, Samsung Securities
|
| Co-manager: | Kexim UK
|
| Trade date: | Oct. 13
|
| Settlement date: | Oct. 21
|
| Expected ratings: | Moody's: Aa2
|
| S&P: AA
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
|
|
| Three-year notes
|
| Amount: | $750 million
|
| Maturity: | Oct. 21, 2019
|
| Coupon: | 1˝%
|
| Price: | 99.685
|
| Spread: | Treasuries plus 60 bps
|
| Price talk: | Treasuries plus 65 bps area
|
|
|
| Three-year floaters
|
| Amount: | $750 million
|
| Maturity: | Oct. 21, 2019
|
| Coupon: | Libor plus 46 bps
|
| Price: | Par
|
| Yield: | Libor plus 46 bps
|
|
|
| Five-year notes
|
| Amount: | $300 million
|
| Maturity: | Oct. 21, 2021
|
| Coupon: | 1 7/8%
|
| Price: | 99.564
|
| Spread: | Treasuries plus 70 bps
|
| Price talk: | Treasuries plus 75 bps area
|
|
|
| 10˝-year notes
|
| Amount: | $700 million
|
| Maturity: | April 21, 2027
|
| Coupon: | 2 3/8%
|
| Price: | 99.355
|
| Spread: | Treasuries plus 70 bps
|
| Price talk: | Treasuries plus 75 bps area
|
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