KEXIM borrows US$150m from Brazil, Asia
(10-23 14:10)
State-run Export-Import Bank of Korea said it had raised US$150 million (HK$1.17 billion) through a 1-year Brazilian real-denominated bond issue worth US$100 million and a US$50 million 5-year note from Asia.
It marked the first time a Korean bank had obtained medium- and long-term foreign currency debt since the collapse of Lehman Brothers in September.
The government has offered a state guarantee on banks' foreign debt as part of its over US$130 billion package to rescue tumbling markets and financial firms facing liquidity shortages.
The interest rate on the real-denominated bond was 360 basis points above the London Interbank Offered Rate after swaps into the dollar, while the 5-year structured note had a spread at the 300 basis point level, KEXIM said.
REUTERS
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