Kexim, a state-run policy lender, took advantage of the liquid markets to punch clean through its dollar yield curve, pricing at an equivalent of 27bp over mid-swaps. Such a keen price is all the more remarkable given its disappointing last outing, which ended up getting downsized from $1 billion to $800 million and closing late and at a wider price than expected.
Other borrowers would do well to pay attention to the secret behind KeximÆs rejuvenation taking investorsÆ complaints on board and adopting a bold new strategy to accommodate them.
In a...
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