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Eximbank issues 700M Australian Dollar Worth of 'Kangaroo Bonds'
The Export-Import Bank of Korea (Eximbank) issued "kangaroo bonds" worth 700 million Australian dollars to expand its foothold overseas.
The lender decided recently to issue the bonds after observing rising investor confidence in Australia.
The dual-tranche bonds consisted of 200 million Australian dollars issued with a fixed rate of 1.311 percent, with the rest having an interest rate of 1.07 percent, plus the bank bill swap rate.
The maturity of the bond is three years.
Fifty-seven investors placed orders worth 1.7 billion Australian dollars for the bonds.
With the move, Eximbank became the first Asian financial organization to issue the bonds since the coronavirus pandemic hit the global economy.
Eximbank has also issued the largest amount of Kangaroo bonds among Asian organizations, reaching 4.8 billion Australian dollars worth since 2012.
According to an Eximbank representative, they were doing their utmost to expand their financing channels and reaffirmed that its Kangaroo bonds were trustworthy enough for overseas investors.
It's the first time that a Korean organization issued kangaroo bonds since October 2019 when Korea Southern Power Co. issued 300 million Australian dollars worth.