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KEXIM raises 1.5 bil euros from bond issue Korean state-run bank’s euro-denominated bond offering attracts strong investor demand

Translated by Ryu Ho-joung 공개 2022-05-19 07:55:35

이 기사는 2022년 05월 19일 07:53 더벨 유료페이지에 표출된 기사입니다.

The Export-Import Bank of Korea (KEXIM) raised 1.5 billion euros ($1.58 billion) in its latest global bond issue on Tuesday.

The bond offering originally consisted of three tranches – 3.5-year and 7-year fixed rate bonds and a 2-year floating rate bond. But the lender later decided to remove a 7-year fixed rate tranche due to weaker-than-expected demand.

The remaining two tranches were oversubscribed. The bank’s 950 million euro, 3.5-year fixed rate bond received orders worth 1.2 billion euros. The 550 million euro, 2-year floating rate note attracted bids worth 650 million euros.

KEXIM tightened pricing on both tranches thanks to strong investor demand. Final pricing on the 3.5-year note was 20bp above mid-swap, versus 25bp which the bank initially set. The 2-year note was priced at 15bp over 3-month Euribor, compared to the initial pricing guidance of 20bp.

The 2-year floating rate note, the first such issue in the bank’s history, was issued in the form of a green bond, with one institution reportedly placing a large amount of orders for the tranche.

“Investors appear to prefer shorter-dated bonds over long-term ones due to the increased uncertainty in the bond market,” a market insider said.

The bond sale marks the lender’s third Korean paper issue this year after a $3 billion bond issue in January and the issue of Kangaroo bonds worth 650 million Australian dollars in March. KEXIM is said to be considering revisiting the international bond market with a dollar bond offering in the second half of this year.

Citigroup Global Markets Securities, Crédit Agricole, HSBC, JPMorgan, KB Securities, Korea Investment & Securities and Natixis managed the bond sale. (Reporting by Ji-won Kim)
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