KEXIM in Mexican Ps. 7 Billion Offering

Cleary Gottlieb represented long-time client The Export-Import Bank of Korea (KEXIM) in its offering of Ps. 7 billion aggregate principal amount of 7.93% Mexican peso-denominated certificados bursátiles due 2026 (Cebures), consisting of an international offering outside of Mexico under Rule 144A/Reg. S of Ps. 1 billion of Cebures and a concurrent offering to the public in Mexico of Ps. 6 billion of Cebures.

The offering priced on August 1, 2019, and closed on August 8, 2019.

This is the first-ever offering of Cebures by a non-Mexican issuer to clear through Euroclear and Clearstream, the international clearing systems. The Cebures were registered with the Registro Nacional de Valores maintained by the Comisión Nacional Bancaria y de Valores in Mexico and are listed on the Bolsa Mexicana de Valores, the Mexican Stock Exchange, and the Singapore Exchange.

HSBC and Morgan Stanley acted as placement facilitation agents in the international offering of Cebures, and Morgan Stanley acted as sole structuring agent for the offering.

KEXIM was established in 1976 as a special governmental financial institution pursuant to the Export-Import Bank of Korea Act to promote the sound development of the Korean economy and economic cooperation with foreign countries by extending the financial aid required for export and import transactions, overseas investment, and the development of natural resources abroad.