Korea’s Kexim talks three tranches of dollar-denominated notes

By Rebecca Melvin

New York, Oct. 24 – The Export-Import Bank of Korea is planning to issue three tranches of dollar-denominated notes (expected ratings: Aa2/AA/AA-) on Tuesday, including a three-year fixed-rate tranche, a five-year fixed-rate tranche and a five-year tranche of floating-rate notes, according to a market source.

Orders for the Securities and Exchange Commission-registered notes were in excess of $2.5 billion.

The three-year tranche was being talked at a yield of U.S. Treasuries plus of 90 basis points to 95 bps.

The five-year fixed-rate notes were guided to yield U.S. Treasuries plus 100 bps.

Price talk for the five-year floating-rate tranche was not immediately available.

Joint bookrunners and lead managers are BofA Merrill Lynch, BNP Paribas, Citigroup, Credit Agricole CIB, MUFG, with Mirae Asset Daewoo also acting as a joint lead manager. Kexim Asia Ltd. is acting as co-manager.

The proceeds will be used for general operations, including extending foreign currency loans, repayment of debt and other obligations.

Application is being made to list the notes on the SGX-ST.

The lender is based in Seoul.

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