Kexim braves higher swap cost to launch ringgit bond, OCBC next

28 Feb 2008

The Export-Import Bank of Korea looks set to price its M$1bn ($312m) debut ringgit-denominated bond today (Friday), after reversing an earlier decision to postpone the issue.

Kexim opened the books on Wednesday, pressing ahead with bookbuilding despite an unfavourable move in the cost of cross-currency swaps. That surprised rival bankers and market observers, who had expected Kexim to be put off by the rising cost of funding.However, bankers close to the deal said they ...

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