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Korea Eximbank attracts $5.2 billion for $2.5 bn in global issues

Collected: 2016.05.20

Distributed: 2016.05.27

Source: Go Direct

The Export-Import Bank of Korea said on Thursday it raised $2.5 billion through multi-structured dollar-denominated bonds in favorable terms despite concerns for its debt exposure to a number of troubled companies in need of bailout, with subscription overwhelming at $5.2 billion. It is the largest issue from Korea except in treasury offer.

Of the issues, $500 million floater was sold at 70 basis points over the three-month London inter-bank lending rate (Libor), $1 billion three-year debt fixed at 77.5 basis points over the three-year U.S. Treasury yield and another $1 billion in 10-year issue fixed at 82.5 basis points over the U.S. Treasury of the same maturity.

The state-invested bank’s latest bond sale attracted orders worth $5.2 billion from 314 investors around the world. Geographically, Asian investors represented 80 percent of the bids. American investors took up 11 percent and the rest came from Europe and other regions, the bank said.

The bank will use the proceeds to help finance overseas projects for infrastructure construction, plant engineering and resource development of Korean companies.

By Noh Seung-hwan

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