By Rebecca Melvin
Concord, N.H., Oct. 12 – The Export-Import Bank of Korea (Kexim) priced €850 million 0% three-year green notes (expected ratings: Aa2/AA/AA-) at 100.427 to yield minus 0.142%, or a spread over mid-swaps of 15 basis points, according to a syndicate source.
The proceeds of the sale of the senior notes will be used to finance or refinance new or existing projects or assets related to renewable energy, clean transportation, energy efficiency, sustainable water and wastewater management and pollution prevention and control under the lender’s sustainable finance framework.
J.P. Morgan Securities plc, BNP Paribas, Credit Agricole CIB, HSBC, ING and Shinhan Investment are joint bookrunners and lead managers of the Regulation S deal. ING was the green structuring adviser.
The notes will be listed on the Singapore Stock Exchange and the Frankfurt Stock Exchange.
A new eight-year U.S. dollar denominated green bond may follow at Asia’s market open on Wednesday, subject to market conditions.
The lender is based in Seoul.
| Issuer: | Export-Import Bank of Korea (Kexim)
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| Issue: | Green senior notes
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| Amount: | €850 million
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| Maturity: | Oct. 19, 2024
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| Bookrunners: | J.P. Morgan Securities plc, BNP Paribas, Credit Agricole CIB, HSBC, ING and Shinhan Investment
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| Co-manager: | Kexim Bank (UK) Ltd.
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| Green structurer: | ING
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| Coupon: | 0%
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| Price: | 100.427
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| Yield: | Minus 0.142%
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| Spread: | Mid-swaps plus 15 bps
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| Pricing date: | Oct. 12
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| Settlement date: | Oct. 19
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| Expected ratings: | Moody’s: Aa2
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| S&P: AA
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| Fitch: AA-
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| Distribution: | Regulation S
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| ISIN: | XS2397372850
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