Kexim focuses on floaters to raise $1.5bn

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By Morgan Davis
24 May 2018

The Export-Import Bank of Korea focused solely on floating rate notes for its $1.5bn dual-tranche bond outing on Wednesday, getting away with tight pricing thanks to robust buy-side demand.

While Kexim and its South Korean compatriots are no strangers to FRNs, Kexim’s choice not to include a fixed rate tranche was an unusual one, said bankers on the trade. The issuer did consider printing a fixed bond, but ultimately decided to focus on the more “defensive” structure ...

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