The Export-Import Bank of Korea (KEXIM) said on the 16th that it successfully issued $1.5 billion in global bonds.
The Export-Import Bank of Korea issued, the day before, $500 million in 3-year floating-rate notes and $1 billion in 5-year fixed-rate notes, respectively. All were U.S. dollar bonds, combining a 5-year fixed rate with a 3-year floating rate that is popular among Asia-based banks.
The Export-Import Bank of Korea said it secured funding at the lowest spread in the history of 5-year Korea-related bonds. When it issued 5-year notes in Jan., the gap between the bond and U.S. Government Bonds yields was 0.48 percentage points, but this issuance narrowed the gap to 0.26 percentage points.
The Export-Import Bank of Korea received orders of up to $7.7 billion from a total of 175 investors, 5.1 times the target amount. Orders continued to come in from traditional high-quality investors such as international organizations and Central Bank entities, and orders from investors in the United States, Latin America, the Middle East, Asia, and the Greater China region also expanded, the bank said.
An official at the Export-Import Bank of Korea said, "This was the result of holding a 'deal roadshow' for the first time among Korean issuers in Shanghai on the Chinese mainland and in Hong Kong to directly target local investor sentiment," adding, "Even amid unfavorable external conditions caused by rapid changes in the recent trade environment, we confirmed overseas investors' unwavering trust in the Korean economy."