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TRADE FINANCE | Cesar Tordesillas, Korea
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S.Korea's Eximbank raises $1.25B through samurai bonds

South Korea's Eximbank raised 100 billion yen or US$1.25 billion through samurai bond sales.

 

This is the single largest amount of samurai bonds issued by any other Asian players.

The fixed-rate yen-denominated bonds were sold with three tranches that mature in two, three and five years.

The trade bank issued 51.4 billion yen of two-year bond with an yield of 1.1 percent. The three-year bond worth41.2 billion yen was floated with an yield of 1.25 percent, while the five-year bond worth 7.4 billion yen was sold with an yield of 1.38 percent.

The yield spread for the bonds were less than 100 basis points against the yen Libor.

"There were supply shortage in the Japanese bond market recently due to the European fiscal crisis and theJapanese earthquake. We recognized the market conditions, and made efforts to attract Japanese investors. Theamount of bond sales was lifted to 100 billion yen from the initially planned 50 billion yen as investorsrushed to buy the bonds," said an official at the Eximbank.

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