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Eximbank sells AU$700 mln of bonds in Australia

10:08 May 21, 2020

SEOUL, May 21 (Yonhap) -- The state-run Export-Import Bank of Korea (Eximbank) said Wednesday it has sold 700 million Australian dollars (US$460 million) of bonds in Australia as part of efforts to diversify its funding sources.

The three-year "Kangaroo" bonds come in two tranches -- floating-rate bonds worth AU$500 million and fixed-rate debt worth AU$200 million.

The floating-rate bonds carry an interest rate of 1.07 percentage points above the Australian bank bill swap rate, with the rate coming to 1.311 percent for the fixed-rate ones.

Kangaroo bonds are Australian dollar-denominated bonds floated in Australia by a non-Australian company.

Eximbank said it has become the first Asian financial institution to issue Kangaroo bonds since the outbreak of the novel coronavirus. A total of 57 investors have placed orders worth AU$1.7 billion, it added.

The policy lender has issued bonds worth AU$4.8 billion, the largest among Asian institutions, since tapping the Kangaroo bond market in 2012.

This image, provided by the Export-Import Bank of Korea on May 21, 2020, shows its corporate logo. (PHOTO NOT FOR SALE) (Yonhap)


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