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Supporting Korea's Economic Growth Supporting Korea's Economic Growth

Press Release

EUR 750 Million Euro Bond Successfully Issued by Korea Eximbank

Date 2018.07.04 View 15354

The Export-Import Bank of Korea (, Chairman EUN, Sung-soo; “Korea Eximbank" or “the Bank”) announced on July 4 that the Bank successfully issued a 750 million (equivalent to USD 870 million) Euro-denominated Bond, taking advantage of high liquidity and a favorable swap condition in the euro debt market.


As the first euro-denominated public offering by a Korean institution this year, the five-year bond issued on the day was priced at 0.693%, 43 bp above the mid-swap rate of 0.263%.


Korea Eximbank has tapped the euro debt market for three consecutive years since 2016. The success of this issuance is attributed to the Bank’s robust communication with the market. Taking on a momentum of reduced geopolitical risk on the Korean Peninsula following the North Korea-US Summit, the Bank held IR roadshows in Europe last month. Thanks to such efforts, the Bank drew orders by a number of blue-chip investors with minimized New Issue Premium (NIP).


Following a USD 1.5 billion global bond issue in May, the Bank has continuously offered large scale bonds in the G3 currency markets, including a JPY 120 billion samurai bond in June and this euro bond issue, and set a benchmark interest rate for Korean institutions as a Korea’s representative bond issuer.


The bond attracted 68 investors worldwide. By type of investors, central banks and supranationals accounted for 48%, asset managers 29%, pension funds and insurance companies 12%, and banks 11%, respectively.


A Korea Eximbank official remarked, “Amid the instability in global financial markets such as capital outflows from emerging markets, trade disputes, and ECB’s tapering plan, the Bank has timely spotted improved investor sentiment backed by high liquidity in the market and has set a new standard for Korean institutions looking to raise capital in the euro-denominated bond market.


The proceeds obtained through this issue will be used as a funding source for merger and acquisition (M&A) deals of overseas companies in Europe in order to promote overseas investment of domestic companies and to foster new growth industries, regarded as a future growth engine for the Korean economy.


As the nation’s biggest issuer of international bonds, Korea Eximbank aims to diversify its funding resources in the international debt market with the target of USD 8 billion for this year.