Kexim preys on arb window to print in Swiss francs

The Export-Import Bank of Korea returned to the Swiss franc bond market on Thursday, capitalising on an arbitrage window against its dollar curve.

  • By Silas Brown
  • 14 Jun 2018

Lead UBS began bookbuilding for July 2024 Swiss franc bond with a minimum size of Sfr200m ($201.6m), with pricing in the area of 27bp over mid-swaps.

“There was roughly 10bp of arbitrage for Korean issuers in Swiss francs against Kexim’s outstanding dollars,” said one Swiss franc bond ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 JPMorgan 14,855.48 22 11.53%
2 HSBC 11,564.92 14 8.97%
3 Citi 11,516.11 17 8.94%
4 BNP Paribas 9,658.90 15 7.50%
5 SG Corporate & Investment Banking 9,565.12 12 7.42%

Dollar Denominated SSA (Excl US Agency)

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1 Citi 23,295.27 53 12.79%
2 JPMorgan 19,716.36 48 10.82%
3 Barclays 12,625.49 27 6.93%
4 HSBC 12,525.90 30 6.87%
5 Deutsche Bank 11,082.27 24 6.08%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 30,754.04 60 10.09%
2 HSBC 21,914.95 64 7.19%
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4 BNP Paribas 20,894.22 43 6.85%
5 Goldman Sachs 18,777.54 34 6.16%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 56,026.07 242 8.13%
2 HSBC 44,795.14 157 6.50%
3 Citi 43,632.13 123 6.33%
4 Barclays 36,671.77 126 5.32%
5 Deutsche Bank 30,036.64 92 4.36%