Export-Import Bank of Korea (Kexim) (AA-/Aa2/AA-) priced its inaugural Kauri bond transaction on July 14. According to KangaNews data, the NZ$350 million (US$253 million) five-year bond is the second Kauri issued without a triple-A rating – including Australian bank covered bonds – since May 2010, after Korea Development Bank (KDB) priced its debut Kauri transaction in April this year. This NZ$200 million transaction priced at 105 basis points over bank bill reference rate.
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