By Marisa Wong and Cristal Cody
Los Angeles, Jan. 6 – Export-Import Bank of Korea (Kexim) priced $3 billion of notes in three tranches, including one tranche of green notes, according to an FWP filing with the Securities and Exchange Commission.
Kexim priced $1 billion of 1¼% notes due 2025 at 99.85, $1 billion of 1 5/8% notes due 2027 at 99.675 and $1 billion of 2 1/8% green notes due 2032 at 99.517.
Price talk for the 2025 notes was in the Treasuries plus 50 basis points area, according to a market source. The notes due 2027 were expected to price in the Treasuries plus 60 bps area. The green tranche was talked in the Treasuries plus 85 bps area.
Joint bookrunners 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.
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.
| Issuer: | Export-Import Bank of Korea
|
| Amount: | $3 billion
|
| Description: | Notes
|
| Bookrunners: | 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.
|
| Co-manager: | Kexim Asia Ltd.
|
| Trustee: | Bank of New York Mellon as fiscal agent
|
| Pricing date: | Jan. 5
|
| Settlement date: | Jan. 18
|
| Listing: | Singapore Exchange
|
| Distribution: | SEC registered
|
|
|
| 2025 notes
|
| Amount: | $1 billion
|
| Maturity: | Jan. 18, 2025
|
| Coupon: | 1¼%
|
| Price: | 99.85
|
| Spread: | Treasuries plus 25 bps
|
| Price talk: | Treasuries plus 50 bps area
|
| Cusip: | 302154DL0
|
|
|
| 2027 notes
|
| Amount: | $1 billion
|
| Maturity: | Jan. 18, 2027
|
| Coupon: | 1 5/8%
|
| Price: | 99.675
|
| Spread: | Treasuries plus 30 bps
|
| Price talk: | Treasuries plus 60 bps area
|
| Cusip: | 302154DM8
|
|
|
| 2032 green notes
|
| Amount: | $1 billion
|
| Maturity: | Jan. 18, 2032
|
| Coupon: | 2 1/8%
|
| Price: | 99.517
|
| Spread: | Treasuries plus 50 bps
|
| Price talk: | Treasuries plus 85 bps area
|
| Cusip: | 302154DN6
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
