Kexim goes long with newest dual trancher

Kexim (Resized 230x150)
By Rev Hui
07 Aug 2014

Export Import Bank of Korea (Kexim) raised $1bn with a dual tranche bond on Tuesday, pricing through its curve for the five year tranche. But even though the issuer went out with a SEC-registered deal, the bulk of the demand still came from Asian accounts.

Initial price guidance for the five year opened at 90bp over US Treasuries, with joint bookrunners ANZ, BNP Paribas, Bank of America Merrill Lynch, Citi, HSBC and Standard Chartered referencing it against Kexim’s existing 2.875% 2018s, which were trading at 47bp over five year Treasuries.

Bankers also pitched ...

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