The Export-Import Bank of Korea Kexim successfully cleared a $1 billion twin tranche 144a issue late on Tuesday via joint bookrunners Barclays, Citigroup and UBS. The deal incorporated a five as well as a 10-year tranche and strong demand enabled pricing to remain within the indicative ranges despite a weak market tone throughout Monday and most of Tuesday.
Having marketed the five-year around the 115bp area, a $500 million deal was priced at 99.5% on a coupon of 4.25% to yield 4.237%. This equated to 113bp over Treasuries or 71bp over Libor. Fees were 17.5bp.
The 10-year was marketed at 120bp to 125bp over Treasuries. Pricing of a $500 million...
