Barclays, Citigroup, Deutsche Bank and Morgan Stanley have been mandated to lead a proposed dual currency $1 billion benchmark bond deal for the Export Import Bank of Korea Kexim. The deal is expected to be completed after Chinese New Year.
This deal is somewhat reminiscent of Kexim's initial international debt market offering of 2005, a $1 billion dual tranche global bond that came to market in mid March.
After accumulating an order book of $1 billion, the $400 million five-year tranche priced to yield at 4.713%, a launch spread of 58bp over Treasuries and 28.125bp over Libor. The $600 million 10-year tranche attracted an order book...
