By William Gullotti and Cristal Cody
Buffalo, N.Y., Sept. 7 – Export-Import Bank of Korea (Kexim) sold $2.5 billion of notes in three parts on Tuesday, according to an FWP filing with the Securities and Exchange Commission and a market source.
The bank sold $1 billion of 4% two-year notes at 99.888, or at a spread of 55 basis points to Treasuries. Initial price talk was in the 80 bps area.
Additionally, a $1 billion tranche of 4¼% five-year notes was sold at 99.564, or at a spread of 90 bps to Treasuries after initial talk in the 115 bps area.
The final tranche, sized at $500 million and maturing 2032, came with a 4½% coupon and was priced at 99.665. The spread priced at 120 bps over Treasures, versus talk in the 150 bps area.
Each series is non-callable.
BofA Securities, Inc, Credit Agricole CIB, Deutsche Bank AG, London Branch, Nomura Singapore Ltd., Shinhan Investment Corp., Societe Generale and Standard Chartered Bank are joint bookrunners.
Proceeds will be used for general operations, including extending foreign currency loans and for the repayment of maturing debt and other obligations.
Applications will be made to list each series on the Singapore Exchange.
The lender is based in Seoul.
| Issuer: | Export-Import Bank of Korea (Kexim)
|
| Amount: | $2.5 billion
|
| Issue: | Notes
|
| Bookrunners: | BofA Securities, Inc, Credit Agricole CIB, Deutsche Bank AG, London Branch, Nomura Singapore Ltd., Shinhan Investment Corp., Societe Generale and Standard Chartered Bank
|
| Co-manager: | Kexim Bank (UK) Ltd.
|
| Fiscal agent: | Bank of New York Mellon
|
| Counsel to issuer: | Cleary Gottlieb Steen & Hamilton LLP, Yoon & Yang LLC
|
| Counsel to underwriters: | Latham & Watkins LLP
|
| Trade date: | Sept. 6
|
| Settlement date: | Sept. 15
|
| Distribution: | SEC registered
|
|
|
| 2024 notes
|
| Amount: | $1 billion
|
| Maturity: | Sept. 15, 2024
|
| Coupon: | 4%
|
| Price: | 99.888
|
| Spread: | Treasuries plus 55 bps
|
| Price talk: | Treasuries plus 80 bps area
|
| Cusip: | 302154DP1
|
|
|
| 2027 notes
|
| Amount: | $1 billion
|
| Maturity: | Sept. 15, 2027
|
| Coupon: | 4¼%
|
| Price: | 99.564
|
| Spread: | Treasuries plus 90 bps
|
| Price talk: | Treasuries plus 115 bps area
|
| Cusip: | 302154DR7
|
|
|
| 2032 notes
|
| Amount: | $500 million
|
| Maturity: | Sept. 15, 2032
|
| Coupon: | 4½%
|
| Price: | 99.665
|
| Spread: | Treasuries plus 120 bps
|
| Price talk: | Treasuries plus 150 bps area
|
| Cusip: | 302154DS5
|
|
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