KEXIMExport Import Bank of Korea
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In a statement, the DOF said the South Korean government offered to support energy, information and communications technology, and transport projects through the Export-Import Bank of Korea (Kexim).
KEXIM has the right to offload its stake in KEB under the same terms as the sale of US private equity fund Lone Star's stake, at a price of KRW11,900 (USD10/EUR8) a share.
South Korea's Hana Financial Group Inc (086790.SE) has sought clarification on The Export-Import Bank of Korea's (Kexim) stance on exercising its tagalong rights for its 6.25 percent stake in Korea Exchange Bank (004940.SE), Dow Jones has reported, citing an unnamed official at Hana.
Bank of America Merrill Lynch (NYSE: BAC), BNP Paribas (BNPP.PA) (LSE: BNP) (OTC: BNPQY), (BNPP.PA) (LSE: BNP) (OTC: BNPQY), Citigroup (NYSE: C), Deutsche Bank (NYSE: DB) (DBK.DE), RBS (LSE: RBS) (NYSE: RBS-PP) and Woori Investment & Securities (NYSE: WB) (SEO: 053000) are managing the Kexim deal.
The rating reflects the unconditional and irrevocable guarantee from The Export-Import Bank of Korea (KEXIM; AA-/Stable).
Last May 29 to June 1, Kexim officials met with a number of government agencies 'to discuss possible projects that may form part of the Kexim pipeline' in the next six years, Neda said.
The ratings are sustained by the strong implicit support of the South Korean Government given KEXIM's vital role in supporting South Korea's export sector and its economic importance as the country's official export credit agency (ECA), as well as the government's close supervision of the state-owned institution, said MARC in a statement.
The issuer default ratings (IDRs) of four of the policy financial institutions (KoFC, KEXIM, KDB and IBK) are equalised with those of the sovereign in view of the solvency guarantees for the entities provided by the state.
Kexim is 'looking at maturity of between three and 10 years,' he added.
Since the rating on the credit-enhanced bonds is based solely on KEXIM's guarantee, any change in Fitch's assessment of KEXIM's ratings will result in an equivalent change in the rating of this bond.