Arab Today, arab today s korea\s eximbank raises 225 bln usd via dollar bonds
Last Updated : GMT 21:46:51
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S. Korea\'s Eximbank raises 2.25 bln USD via dollar bonds

Arab Today, arab today

Arab Today, arab today S. Korea\'s Eximbank raises 2.25 bln USD via dollar bonds

Seoul - Xinhua

The state-run Export-Import Bank of Korea (Eximbank) said Thursday that it has raised 2.25 billion U.S. dollars through dollar-denominated debt sales, the single largest bond issuance by a South Korean institution excluding the government. The bonds were issued in dual tranche with maturities of five years and 10.25 years that amounted to 1.25 billion dollars and 1 billion dollars each, according to the Eximbank. The debt sale was the single largest amount among local financial institutions, and the largest bond issuance since April 2009 when the South Korean government raised 3 billion dollars through foreign exchange stabilization bonds. The five-year bond carried a yield of 3.15 percentage points above the corresponding U.S. Treasury bond yield, while the yield of the 10.25-year bond was set at 3.05 percentage points higher than the yield of the U.S. government bond that matures in 10 years. The yield was relatively lower compared with the one of Citi Group that issued 2.5 billion dollars worth of five-year bonds Wednesday with a yield of 3.6 percentage points above the corresponding U.S. Treasury bond yield, according to the bank. \"We needed to preemptively secure foreign capital as much as possible due to growing external uncertainties. Strategy of dual tranche helped lower the bond yield and maximize the issuance amount,\" said an official at the bank. Joint bookrunners for the sale include BNP Paribas, Bank of America-Merrill Lynch, Citi, Deutsche Bank, HSBC, RBS, US Bancorp and Daewoo Securities. The bond proceeds will be used to finance local companies\' overseas projects such as plant exports, green business and resource development.

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