By Mary-Katherine Stinson
Lexington, Ky., Jan. 5 – Export-Import Bank of Korea sold $3.5 billion of notes due 2026, 2028 and 2033, according to an FWP filed with the Securities and Exchange Commission.
A $1 billion tranche of 4 7/8% notes due Jan. 11, 2026 priced at 99.694 and the $1.5 billion 5% notes due Jan. 11, 2028 priced at 99.651.
The $1 billion tranche of blue notes due Jan. 11, 2033 priced at 99.59 with a coupon rate of 5 1/8%.
The notes are non-callable.
Australia and New Zealand Banking Group Ltd., BNP Paribas, BofA Securities, Inc., Citigroup Global Markets Inc., Hongkong and Shanghai Banking Corporation Ltd., KB Securities Co., Ltd. and Morgan Stanley & Co. International plc are the bookrunners on the SEC registered deal.
Proceeds will be used for general operations, including extending foreign currency loans and repayment of maturing debt and other obligations. Proceeds from the blue notes will be used to wholly or partially finance or refinance new or existing projects related to sustainable marine transportation in accordance with the bank’s framework supplement for blue bond issuance which supplements the bank’s existing sustainable finance framework established in September 2021.
The lender is based in Seoul.
| Issuer: | Export-Import Bank of Korea
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| Amount: | $3.5 billion
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| Issue: | Notes
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| Bookrunners: | Australia and New Zealand Banking Group Ltd., BNP Paribas, BofA Securities, Inc., Citigroup Global Markets Inc., Hongkong and Shanghai Banking Corporation Ltd., KB Securities Co., Ltd. and Morgan Stanley & Co. International plc
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| Trustee: | Bank of New York Mellon as fiscal agent
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| Counsel to the issuer: | Cleary Gottlieb Steen & Hamilton LLP and Bae, Kim & Lee LLC (Korean law)
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| Counsel to the bookrunners: | Linklaters LLP
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| Pricing date: | Jan. 4
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| Settlement date: | Jan. 11
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| Distribution: | SEC registered
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| 2026 notes
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| Amount: | $1 billion
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| Maturity: | Jan. 11, 2026
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| Coupon: | 4 7/8%
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| Price: | 99.694
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| Cusip: | 302154DU0
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| 2028 notes
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| Amount: | $1.5 billion
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| Maturity: | Jan. 11, 2028
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| Coupon: | 5%
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| Price: | 99.651
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| Cusip: | 302154DV8
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| 2033 blue notes
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| Amount: | $1 billion
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| Maturity: | Jan. 11, 2033
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| Coupon: | 5 1/8%
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| Price: | 99.59
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| Cusip: | 302154DW6
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