Commentary & Deal Flow

Reoffer: 5yr: T+37 / 99.759 / 4.304%
Benchmark: UST 3.934% @ 99-23+

Launched: 5yr: US$600m @ T+37bp
Guidance: 5yr: T+37bp
IPTs: 5yr: T+75a

• Issuer: Korea Expressway Corporation
• Issuer Ratings: Aa2/AA (Moody's/S&P)
• Expected Issue Ratings: Aa2/AA (Moody's/S&P)
• Format: 144A/Reg S
• Ranking: Senior Unsecured
• Size: US$600m
• Settlement Date: 06-May-26
• Maturity Date: 06-May-31
• Coupon: 4.25%
• Reoffer Price/Yield: 99.759 / 4.304%
• Listing: SGX
• Denominations: US$200k/1k
• Governing Law: New York Law
• Use of Proceeds: General Corporate Purposes
• Joint Bookrunners: BNP Paribas, Citigroup, HSBC(B&D), J.P. Morgan