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Eximbank raises $1 bln in debt sales

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(Globalpost/GlobalPost)

SEOUL, Aug. 6 (Yonhap) -- South Korea's state-run Export-Import Bank of Korea (Eximbank) said Wednesday that it has raised US$1 billion via sales of global bonds to help local companies finance their operations overseas.

The debts were sold in two tranches, with five-year $500 million debts floated at a rate of 0.725 percentage point above five-year U.S. Treasurys, and the remainder 12-year $500 million in bonds sold at 0.85 percentage point above 12-year U.S. government debts, the policy lender said in a statement.

Proceeds from the debt sale will be used to provide funds to overseas industrial plants and shipbuilding companies, it said.

The majority of the bonds were sold to investors from Asia, the United States and Europe, it added.

Eximbank said its five-year bonds have the lowest interest rates among debts sold by a South Korean lender since the 2008 global financial crisis.

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http://www.globalpost.com/dispatch/news/yonhap-news-agency/140805/eximbank-raises-1-bln-debt-sales