Kexim’s bao dao debut lights up CNH market
Export-Import Bank of Korea (Kexim) priced its debut bao dao Formosa bond on Thursday night, selling Rmb500m ($82.6m) of 10 year notes in Taiwan to yield 4.50% — alongside another Singapore listed five year tranche. The deal not only marked the first renminbi-denominated bonds in Taiwan from a Korean issuer, but also attracted attention because of its innovative structure of combining a Formosa transaction with another format of offshore renminbi bond.
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