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The Korea Development Bank (KDB) made its first foray into the euro market since 2007 on Wednesday with a €500m five year bond. The borrower’s attempt to appeal to European investment grade buyers rather than its traditional Asian and domestic investor base allowed it to achieve a pricing 15bp through initial price thoughts (IPTs). Next from the country could well be a dollar deal from the sovereign, which is looking to market itself in the UK and the US.
Export-Import Bank of Korea (Kexim)is expected to make its Norwegian krone debut next week, delaying a deal that was originally expected to price on Friday.
Export-Import Bank of Korea (Kexim) sold its second ever public Australian dollar deal on Tuesday afternoon, a six year in Euro-Aussie format. The no-grow deal benefited from private bank appetite for rare names in the currency.
Export-Import Bank of Korea is gearing up to meet investors in Europe over a roadshow slated to start later this week.
Export-Import Bank of India (Exim Bank) sold its debut Australian dollar syndicated trade on Wednesday, a five year Eurobond. Despite the issuer’s low credit rating — relative to other borrowers in the Australian dollar market — it saw good demand from retail investors looking for yield.
Korea Eximbank joined a pair of German agencies in a flurry of sterling activity on Friday. The issuer sold a £300m floating rate note, its first appearance in the currency in four years and its first sterling syndication.
Export-Import Bank of Korea (Kexim) has mandated banks for a roadshow ahead of what would be its debut deal in the sterling market. The European Investment Bank also launched a tap of five year sterling debt on Thursday.
Hungary has ended months of market speculation by mandating banks for a global roadshow without first securing a fresh financial assistance agreement with the IMF. The Hungarian debt management agency (AKK) announced on Monday that it had picked BNP Paribas, Citi, Deutsche Bank and Goldman Sachs to arrange investor meetings in Europe and the US “in the coming weeks”.
Export Import Bank of Korea (Kexim) and FMS Wertmanagement have joined the flood of SSA borrowers tapping the Kangaroo sector in the last two weeks. Both approached the market after the International Finance Corporation (IFC) priced its much awaited A$800m benchmark on Tuesday.
The World Bank dipped into a growing pocket of European and Asian demand for Russian roubles this week when it priced a Rb2.25bn ($69.2m) July 2017 note on Thursday after a two year absence from the market.
Korea Development Bank (KDB) set afoot the expected return of Korean borrowers in the Swiss franc market this week when it priced a Sfr180m ($197.12m) four year note on Tuesday.
Korea Eximbank sold offshore renminbi notes, thanks to investor belief that the currency would stop appreciating. Meanwhile, agencies across Europe printed taps of syndicated deals as investors looked for the liquidity of public trades.
European sovereign were among the markets that tanked on Monday morning, after Eurozone politicians postponed their announcement over a further bail-out for Greece until their next meeting on July 11.
Korea Finance Corporation took advantage of its distance from all things European when issuing its inaugural Swiss franc deal — a Sfr175m ($206m) four year — on Wednesday.