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Biz News Korea(Eng)
Korea Eximbank issues $2.5 billion in four-tranche complex offering
- Collected
- 2016.10.15
- Distributed
- 2016.10.17
- Source
- Go Direct
In Korea’s foreign exchange funding market, it is usual to offer dual tranche bond issues but the state-run bank has successfully issued global debt offering in four tranches for the first time. This has been favored by financial institutions in countries with credit rating of more than AA including European countries, Australia and Japan.
The bank issued $750 million in three-year floating-rate note, $750 million in three-year fixed-rate note, $300 million in five year note and $700 million in 10.5 year note. The bank drew a total of $2.5 billion bids for three-year notes and $2.4 billion for 10.5-year note from investors around the world.
Of the issues, three-year fixed-rate note was priced at 46 basis points over the London inter-bank lending rate (Libor) and three-year floating-rate note at 60 basis points over three-year U.S. Treasury yield. Five year note was issued at 70 basis points over five-year U.S. Treasury yield and 10.5 year note at 70 basis points over 10-year U.S. Treasury yield. The coupon rate of the three-year bond was set at 1.608 percent, five-year paper at 1.967 percent and 10.5-year note at 2.445 percent.
UBS AG, the Australia and New Zealand Banking Group, Credit Agricole Bank, Merrill Lynch, Mizuho Securities, Morgan Stanley and Societe Generale have participated in issuing the bonds.
By 송지윤
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