Kexim completed a $1 billion SEC-registered global yesterday March 8, achieving the tightest ever pricing by a Korean entity in five and 10 year maturities. Barclays, Citigroup and Credit Suisse First Boston were lead managers.
After accumulating an order book of $1 billion, a $400 million five-year tranche was priced at 99.612% on a coupon of 4.625% to yield 4.713%. This equates to a launch spread of 58bp over Treasuries and 28.125bp over Libor.
The $600 million 10-year tranche attracted an order book of $1.3 billion and was priced at 99.752% on a coupon of 5.125% to yield 5.157%. This equates to a launch spread...
