Chicago, June 23 – Export-Import Bank of Korea (Kexim) sold $2 billion of bullet notes in three parts on Tuesday, based on information provided by a market source and an FWP filing with the Securities and Exchange Commission.
The bank sold $750 million of 5/8% three-year notes at 99.947 for a spread of Treasuries plus 20 basis points. Pricing came low to talk in the Treasuries plus 45 bps area.
Additionally, a tranche of $750 million of 1 1/8% notes due Dec. 29, 2026 was sold at 99.533. The notes priced with a spread of Treasuries plus 35 bps, low to initial price talk in the Treasuries plus 60 bps area.
A 20-year part of notes was sized at $500 million. The notes came with a 2½% coupon and priced at 99.22 for a spread of Treasuries plus 50 bps, lower than initial price talk in the Treasuries plus 85 bps area.
BofA Securities, Inc, Credit Agricole CIB, Mizuho Securities USA LLC, NH Investment and Securities Co., Ltd., Societe Generale and Standard Chartered Bank are joint bookrunners and lead managers.
Proceeds from the sale will be used for general operations, including extending foreign currency loans and repayment of maturing debt and other obligations.
The lender is based in Seoul.
| Issuer: | Export-Import Bank of Korea (Kexim)
|
| Issue: | Notes
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| Amount: | $2 billion
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| Bookrunners: | BofA Securities, Inc, Credit Agricole CIB, Mizuho Securities USA LLC, NH Investment and Securities Co., Ltd., Societe Generale and Standard Chartered Bank
|
| Co-manager: | Kexim Bank (UK) Ltd.
|
| Counsel to issuer: | Cleary Gottlieb Steen & Hamilton LLP
|
| Counsel to underwriters: | Linklaters LLP
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| Trade date: | June 22
|
| Settlement date: | June 29
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| Distribution: | SEC registered
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|
|
| 2024 notes
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| Amount: | $750 million
|
| Maturity: | June 29, 2024
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| Coupon: | 5/8%
|
| Price: | 99.947
|
| Spread: | Treasuries plus 20 bps
|
| Price talk: | Treasuries plus 45 bps area
|
|
|
| 2026 notes
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| Amount: | $750 million
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| Maturity: | Dec. 29, 2026
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| Coupon: | 1 1/8%
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| Price: | 99.533
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| Spread: | Treasuries plus 35 bps
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| Price talk: | Treasuries plus 60 bps area
|
|
|
| 2041 notes
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| Amount: | $500 million
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| Maturity: | June 29, 2041
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| Coupon: | 2½%
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| Price: | 99.22
|
| Spread: | Treasuries plus 50 bps
|
| Price talk: | Treasuries plus 85 bps area
|
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