Kexim offers dollar notes in three tranches, including green notes; price talk emerges

By Cristal Cody

Chicago, Jan. 5 – Export-Import Bank of Korea is planning to issue three tranches of fixed-rate dollar-denominated notes, including one tranche of green notes, according to a 424B5 filing with the Securities and Exchange Commission and more details from a market source.

Kexim is offering notes due 2025 in the Treasuries plus 50 basis points area and notes maturing in 2027 in the Treasuries plus 60 bps area.

There will also be a green tranche due 2032. Talk is in the Treasuries plus 85 bps area.

Joint bookrunners and lead managers are BNP Paribas, Citigroup Global Markets Inc., Daiwa Capital Markets Europe Ltd., Hongkong and Shanghai Banking Corp. Ltd., J.P. Morgan Securities LLC, KB Securities Co., Ltd. and MUFG Securities Asia Ltd.

Kexim Asia Ltd. is acting as co-manager.

Proceeds from the green notes will be used to finance or refinance, in whole or in part, new or existing projects or assets related to renewable energy, clean transportation, energy efficiency, sustainable water and wastewater management and pollution prevention and control in accordance with the bank’s sustainable finance framework.

Proceeds from the other two tranches 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 Singapore Exchange.

The lender is based in Seoul.

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