The Export-Import Bank of Korea Kexim sold a $1 billion dual-tranche bond on Wednesday morning, ending Korean issuers’ month-long hiatus in global capital markets.
The so-called summer lull enabled the state-owned export credit agency to raise larger size financing at competitive levels as there was minimal market competition from other Asian borrowers.
The other dollar-denominated deal that launched on the same day was China Merchants Bank’s $500 million five-year note, which ended up pricing on Tuesday night.
As the market window for the second half of 2014 is relatively short due to holidays in major centres, we tapped the market ahead of potential supply...
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