The Export Import Bank of Korea Kexim returned to the bond markets on Tuesday with an opportunistic and successful trade in euros.
Under the lead management of ABN AMRO and Deutsche Bank, the A3A-A Fitch rated bank raised Eu300 million $382 million from a five-year deal. Pricing came at 99.952% on a coupon of 35bp over euribor to yield 36bp over. Fees were 12bp.
Like KDB two weeks before it, Kexim saw that an FRN structure with a five-year maturity currently represents the sweet spot of the market. An FRN makes sense at a time when investors increasingly looking for more defensive instruments in a...
