The Export-Import Bank of Korea issued a global bond worth a total
of US$2 billion on October 25. It is the largest one of those issued this year
by South Korean institutions.
The
triple tranche bond is divided into fixed-rate US$400 million with a maturity
of three years, fixed-rate US$1 billion with a maturity of five years, and
variable-rate US$600 million with a maturity of five years. The bonds have a
spread of 90 bp, 100 bp, and 92.5 bp, respectively.
More
than 200 investors around the world placed orders worth US$4.4 billion in total
this time. The Export-Import Bank explained that U.S. investors accounted for
no less than 41% of the orders for the five-year fixed-rate bond although a
large number of U.S. investors are refraining from investing in the South
Korean bond market these days due to North Korea risks and global asset
management firms also placed large orders to show their preference for South
Korean gilts.
“The
bonds were successfully issued as North Korea risks showed some signs of easing
to lead to market sentiment recovery,” the bank mentioned, adding, “We also
closely monitored the potential impact of Chinese bonds with the Chinese
government beginning to work on the bonds after the closing of the National
People’s Congress.”
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