Korean credits continue to shine in the primary markets with the pricing of two well received deals for the Export Import Bank of Korea Kexim and Korea East West Power Kewespo on Wednesday night. The former was particularly noteworthy as Kexim has been trying hard to narrow the pricing differential with KDB and has now succeeded.
UBS was sole lead manager of a $300 million tap of the A3A- rated credit's 2009 and 2014 bonds. Pricing was completed on a bookbuilt basis and was aggressive, coming 2bp inside the bid quote for the 2009 bonds and 1bp inside the 2014 bonds.
The group added $150 million of paper to its...
