Chicago, Sept. 12 – Export-Import Bank of Korea priced four notes (Aa2/AA/AA-) in both the dollar and euro markets on Monday, according to an FWP filing with the Securities and Exchange Commission and additional information from a market source.
The offering included the following:
• $500 million of 5 3/8% notes due 2025 with pricing at 99.393;
• $1 billion of 5 1/8% notes due 2028 with pricing at 99.856;
• $500 million of 5 1/8% notes due 2033 with pricing at 99.144; and
• €500 million of 3 5/8% notes due 2027 with pricing at 99.62 to yield 3.729%, or at mid-swaps plus 40 basis points.
Guidance on the euro tranche was in the mid-swaps plus low 40 bps area.
The notes will be non-callable.
For the dollar notes, BofA Securities, Inc., Deutsche Bank AG, London Branch, Mizuho Securities USA LLC, Nomura Singapore Ltd., Societe Generale, Standard Chartered Bank, Korea Development Bank and Kexim Asia Ltd. were listed as joint bookrunners and lead managers.
For the euro notes, Merrill Lynch International was technically listed instead of BofA Securities.
Proceeds will be used to fund general operations, including extending foreign currency loans and repayment of maturing debt and other obligations.
The notes will be listed in Singapore.
The lender is based in Seoul.
| Issuer: | Export-Import Bank of Korea
|
| Amount: | $2 billion, €500 million
|
| Issue: | Notes
|
| Bookrunners: | BofA Securities, Inc. (or Merrill Lynch International for euro notes), Deutsche Bank AG, London Branch, Mizuho Securities USA LLC, Nomura Singapore Ltd., Societe Generale, Standard Chartered Bank, Korea Development Bank and Kexim Asia Ltd.
|
| Joint lead manager: | Korea Development Bank
|
| Co-managers: | Kexim Asia Ltd.
|
| Trustee: | Bank of New York Mellon as fiscal agent
|
| Counsel to issuer: | Cleary Gottlieb Steen & Hamilton LLP and Shin & Kim LLC
|
| Counsel to underwriters: | Linklaters LLP
|
| Call features: | Non-callable
|
| Trade date: | Sept. 11
|
| Settlement date: | Sept. 18
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
| Marketing: | Investor calls
|
|
|
| 2025 notes
|
| Amount: | $500 million
|
| Maturity: | Sept. 18, 2025
|
| Coupon: | 5 3/8%
|
| Price: | 99.893
|
| Cusip: | 302154DX4
|
|
|
| 2028 notes
|
| Amount: | $1 billion
|
| Maturity: | Sept. 18, 2028
|
| Coupon: | 5 1/8%
|
| Price: | 99.856
|
| Cusip: | 302154DY2
|
|
|
| 2033 notes
|
| Amount: | $500 million
|
| Maturity: | Sept. 18, 2033
|
| Coupon: | 5 1/8%
|
| Price: | 99.144
|
| Cusip: | 302154DZ9
|
|
|
| Euro notes
|
| Amount: | €500 million
|
| Maturity: | Sept. 18, 2027
|
| Coupon: | 3 5/8%
|
| Price: | 99.62
|
| Yield: | 3.729%
|
| Spread: | Mid-swaps plus 40 bps
|
| Price talk: | Mid-swaps plus low 40 bps area
|
| ISIN: | XS2687921473
|
|
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