Domestic accounts flock to Kexim’s second Kanga
Korea Eximbank (Kexim) returned to the Kangaroo market on Wednesday, selling its second ever deal in the format. Investors reacted positively to the deal, allowing the leads to price comfortably inside of initial guidance with a healthy oversubscription.
ANZ, Bank of America Merrill Lynch, Deutsche Bank and HSBC priced the A$300m ($279.5m) fixed rate tranche at 108bp over swaps and the A$200m floating rate tranche at 108bp over quarterly BBSW.
Initial guidance on both tranches was 110bp-115bp over, which was later revised to 110bp area.The ...