Eximbank issues $1b Aussie 'Kangaroo' bonds
The Export-Import Bank of Korea issued two bonds worth a combined 1 billion Australian dollars ($631 million), the policy lender announced Friday.
Eximbank's issuance of the kangaroo bonds, fixed-income investments issued in the Australian market by offshore firms, comes as various policy lenders in Korea, including the Korea Development Bank and Industrial Bank of Korea, have been offering such bonds in recent years to secure liquidity from the overseas capital market.
One of the bonds Eximbank offers is AU$800 million in size with a five-year maturity. Of the amount, AU$200 million was sold at an interest rate of 4.63 percent, while AU$600 million tracks Australia's three-month bank bill swap rate, which currently stays at 4.12 percent, with a margin of 78 basis points.
The other is worth AU$200 million with a 10-year maturity. The bond was sold at an interest rate of 5.332 percent.
Prior to issuing the bonds, Eximbank held one-on-one meetings with investors in Australia and Singapore to resolve concerns associated with the ongoing political uncertainty in Korea.
"Despite the uncertainties in and out of Korea, the central bank, asset managers and new Australian investors participated in the deal, once again proving the solid credit rating of Eximbank and Korea,' an official from Eximbank said.
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