Savvy Kexim prefunds with $2.25 billion dual-tranche bond

The Export-Import Bank of Korea Kexim heralded the new year with a $2.25 billion dual-tranche bond on Thursday, raising close to a quarter of its total funding requirements for 2012 in one swoop. Its decision to tap early was driven by its view that credit markets will remain unpredictable.

“We’ve seen so much market volatility, said Yoon-Yung Kim, chief financial officer of Kexim in a phone interview with FinanceAsia. You never know what will happen. Yesterday, we saw that markets were quite constructive so we went out.

Last year we raised $10 billion equivalent and this year our funding requirements are between $10 billion...