Eximbank issues 392 mln yuan in dimsum bonds

SEOUL, Aug. 11 (Yonhap) -- The Export-Import Bank of Korea (Eximbank) said Thursday it has raised 392 million yuan (US$62 million) in dimsum bonds in a bid to diversify means of borrowing amid the U.S. dollar's weakness.
Eximbank is the first South Korean lender to float dimsun bonds, or yuan-denominated debt issued in Hong Kong, the state-run policy bank said.
Of the bonds, 264 million yuan will mature in one year and carry an interest rate of 0.75 percentage point above the London Interbank Offered Rate (LIBOR). The rest will come due in three years with a rate of 1.10 percentage points plus LIBOR, according to Eximbank.
The lender said the latest debt sale is designed to protect against currency volatility as the U.S. dollar remains weak amid the growing global use of the Chinese currency.
Including the dimsum bond sale, Eximbank borrowed a total of $920 million through bank loans and debt sales in August alone, the lender added.