The Export-Import Bank of Korea (Eximbank) said Thursday it has raised around $200 million by floating Saudi riyal-denominated bonds for the first time in Asia.
The bonds, worth 750 million Saudi riyal ($200 million), carry an interest rate 1.7 percentage points above the Saudi Arabia Interbank Offered Rate. The rate translates to 2.49 percentage points above the Libor, according to Eximbank.
The bonds, which mature in five years, are the biggest riyal-denominated issuance since 1 billion won was floated by the International Bank for Reconstruction and Development in 2009.
French financial group BNP Paribas SA and Samba Capital, the top brokerages in Saudi Arabia, managed the sale.
Eximbank said it has succeeded in securing $10 billion worth of foreign funds this year, of which $6.7 billion is in non-dollar assets.
