Investors line up behind Kexim’s defensive trade

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By Morgan Davis
20 Nov 2018

Investors flocked to the Export-Import Bank of Korea’s (Kexim) $1bn bond on Monday, viewing the policy bank as a defensive credit to park their cash in.

Kexim was one of seven Asian issuers to hit the international market on Monday, as borrowers scrambled to sell bonds despite the rocky market backdrop.

“Monday was incredibly busy,” said a Hong Kong banker on the Kexim trade. “When investors come back after Thanksgiving [on Thursday], and ...

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