The Export Import Bank of Korea Kexim returned to the dollar market yesterday Thursday for the second time this year with a $500 million issue.
Led by Bank of America, Barclays and UBS, a five-year deal was priced at 99.599% on a coupon of 4.25% to yield 4.34%. At this level, it came at 115bp over Treasuries, or 72bp over Libor. Fees amounted to 17.5bp.
Pricing came after a week of spread widening highlighted by the secondary market performance of China's tightly priced global, followed by a couple of days of marginal spread improvement. Kexim's outstanding paper, for example, tightened 2bp to 3bp during Asia's trading day ahead of pricing,...
