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Korea Eximbank guarantees bonds of CJ Logistics unit

All Headlines 08:50 March 27, 2019

SEOUL, March 27 (Yonhap) -- The state Export-Import Bank of Korea (Korea Eximbank) said Wednesday it has provided a payment guarantee for 70 million Singaporean dollars worth of bonds issued by CJ Logistics Corp.'s unit in the city-state.

The payment guarantee was provided jointly with the Credit Guarantee and Investment Facility (CGIF), a regional trust fund operated by the Asian Development Bank.

It marks the Korea Eximbank's first joint project with the CGIF, which provides credit guarantees for bonds floated in those countries.

South Korea has a 14.2 percent stake in the CGIF through the Korea Eximbank in charge of providing financial support for export and import transactions.

CJ Logistics, the logistics arm of South Korea's food and entertainment conglomerate CJ Group, said it is the company's first float of overseas funds through its offshore subsidiary.

CJ Logistics' Singaporean unit runs 27 operations in seven regional countries, including Malaysia, Indonesia, Vietnam, Thailand and Myanmar.

The Korea Eximbank said the successful float of the five-year bonds to repay short-term debt has laid the foundation for its stable borrowing structure down the road.

Korea Eximbank guarantees bonds of CJ Logistics unit - 1


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