Obligation KEXEM 5% ( US302154BC25 ) en USD

KEXEM

100 % ▼

Coree du Sud

US302154BC25 ( en USD )

5% par an ( paiement semestriel )

10/04/2022 - Obligation échue

Prospectus brochure de l'obligation KEXIM US302154BC25 en USD 5%, échue

200 000 USD

1 000 000 000 USD

302154BC2

A ( Qualité moyenne supérieure )

A1 ( Qualité moyenne supérieure )

KEXIM (Korea Export-Import Bank) est une banque publique sud-coréenne qui soutient le commerce international et l'investissement sud-coréens en fournissant des financements, des assurances et des garanties aux entreprises.

L'Obligation émise par KEXEM ( Coree du Sud ) , en USD, avec le code ISIN US302154BC25, paye un coupon de 5% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 10/04/2022

L'Obligation émise par KEXEM ( Coree du Sud ) , en USD, avec le code ISIN US302154BC25, a été notée A1 ( Qualité moyenne supérieure ) par l'agence de notation Moody's.

L'Obligation émise par KEXEM ( Coree du Sud ) , en USD, avec le code ISIN US302154BC25, a été notée A ( Qualité moyenne supérieure ) par l'agence de notation Standard & Poor's ( S&P ).

FORM 424(B)(2)
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424B2 1 d275222d424b2.htm FORM 424(B)(2)
Table of Contents
Filed pursuant to Rule 424(b)(2)
Registration Statement No. 333-172648
PROSPECTUS SUPPLEMENT
(To Prospectus Dated July 7, 2011)
(A statutory juridical entity established under The Export-Import Bank of Korea Act of 1969, as amended, in the Republic of Korea)
US$1,250,000,000 4% Notes due 2017
US$1,000,000,000 5% Notes due 2022
Our US$1,250,000,000 aggregate principal amount of notes due 2017 (the "2017 Notes") will bear interest at a rate of 4% per annum
and our US$1,000,000,000 aggregate principal amount of notes due 2022 (the "2022 Notes", and together with the 2017 Notes, the "Notes")
will bear interest at a rate of 5% per annum. The first interest payment on the 2017 Notes will be made on July 11, 2012 in respect of the
period from (and including) January 11, 2012 to (but excluding) July 11, 2012, and thereafter, interest on the 2017 Notes will be paid
semi-annually in arrears on January 11 and July 11 of each year. The first interest payment on the 2022 Notes will be made on April 11, 2012
in respect of the period from (and including) January 11, 2012 to (but excluding) April 11, 2012, and thereafter, interest on the 2022 Notes will
be paid semi-annually in arrears on April 11 and October 11 of each year. The 2017 Notes will mature on January 11, 2017 and the
2022 Notes will mature on April 11, 2022.
The Notes will be issued in minimum denominations of US$200,000 principal amount and integral multiples of US$1,000 in excess
thereof. The Notes will be represented by one or more global securities registered in the name of a nominee of The Depository Trust Company,
as depositary.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these
securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to
the contrary is a criminal offense.

Per
Per

2017 Note
Total

2022 Note
Total

Public offering price

99.807%
US$1,247,587,500
99.627%
US$996,270,000
Underwriting discounts

0.300%
US$
3,750,000
0.300%
US$ 3,000,000
Proceeds to us, before expenses

99.507%
US$1,243,837,500
99.327%
US$993,270,000
In addition to the initial public offering price, you will have to pay for accrued interest, if any, from and including January 11, 2012.
We have applied to the Singapore Exchange Securities Trading Limited (the "SGX-ST") for the listing and quotation of the Notes. There
can be no assurance that such listing will be obtained for the Notes. The SGX-ST assumes no responsibility for the correctness of any
statements made, opinions expressed or reports contained herein. Approval in-principle from, admission of the Notes to the Official List of,
and the quotation of any Notes on, the SGX-ST are not to be taken as an indication of the merits of the issuer or the Notes.
The underwriters expect to deliver the Notes to investors through the book-entry facilities of The Depository Trust Company on or about
January 11, 2012.

Joint Bookrunners and Lead Managers

BofA Merrill Lynch

BNP PARIBAS

Citigroup
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Deutsche Bank

HSBC

The Royal Bank of Scotland
Lead Managers

Daewoo Securities

US Bancorp
Prospectus Supplement Dated January 4, 2012
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You should rely only on the information contained in or incorporated by reference in this prospectus supplement and the accompanying
prospectus. We have not authorized anyone to provide you with different information. We are not making an offer of these securities in any state
where the offer is not permitted.
TABLE OF CONTENTS

Page
Prospectus Supplement

Summary of the Offering
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Use of Proceeds
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Recent Developments
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Description of the Notes
S-72
Clearance and Settlement
S-74
Taxation
S-77
Underwriting
S-79
Legal Matters
S-83
Official Statements and Documents
S-83
General Information
S-83
Prospectus

Certain Defined Terms and Conventions
1

Use of Proceeds
2

The Export-Import Bank of Korea
3

Overview
3

Capitalization
4

Business
4

Selected Financial Statement Data
7

Operations
9

Description of Assets and Liabilities
15

Debt
24

Credit Policies, Credit Approval and Risk Management
26

Capital Adequacy
27

Overseas Operations
28

Property
29

Management and Employees
29

Tables and Supplementary Information
31

Financial Statements and the Auditors
37

The Republic of Korea
91

Land and History
91

Government and Politics
92

The Economy
96

Principal Sectors of the Economy
104
The Financial System
109
Monetary Policy
114

Balance of Payments and Foreign Trade
118

Government Finance
125
Debt
128
Tables and Supplementary Information
129
Description of the Securities
135
Description of Debt Securities
135
Description of Warrants
141
Terms Applicable to Debt Securities and Warrants
142
Description of Guarantees
143
Limitations on Issuance of Bearer Debt Securities and Bearer Warrants
144

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Page
Taxation
145
Korean Taxation
145
United States Tax Considerations
147
Plan of Distribution
154
Legal Matters
155
Authorized Representatives in the United States
155
Official Statements and Documents
155
Experts
155
Forward-Looking Statements
156
Further Information
157

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CERTAIN DEFINED TERMS
All references to "we" or "us" mean The Export-Import Bank of Korea. All references to "Korea" or the "Republic" contained in this
prospectus supplement mean The Republic of Korea. All references to the "Government" mean the government of Korea. References to
"(Won)" or "Won" are to the lawful currency of Korea and "US$" or "U.S. dollars" are to the lawful currency of the United States. Terms used
but not defined in this prospectus supplement shall have the same meanings given to them in the accompanying prospectus.
In this prospectus supplement and the accompanying prospectus, where information has been provided in units of thousands, millions or
billions, such amounts have been rounded up or down. Accordingly, actual numbers may differ from those contained herein due to rounding.
Any discrepancy between the stated total amount and the actual sum of the itemized amounts listed in a table, is due to rounding.
Our principal financial statements are our non-consolidated financial statements. Unless specified otherwise, our financial and other
information is presented on a non-consolidated basis and does not include such information with respect to our subsidiaries.
ADDITIONAL INFORMATION
The information in this prospectus supplement is in addition to the information contained in our accompanying prospectus dated July 7,
2011. The accompanying prospectus contains information regarding ourselves and Korea, as well as a description of some terms of the Notes.
You can find further information regarding us, Korea, and the Notes in registration statement no. 333-172648, as amended, relating to our debt
securities, with or without warrants, and guarantees, which is on file with the U.S. Securities and Exchange Commission.
WE ARE RESPONSIBLE FOR THE ACCURACY OF THE INFORMATION IN THIS DOCUMENT
We are responsible for the accuracy of the information in this document and confirm that to the best of our knowledge we have included
all facts that should be included not to mislead potential investors. The address of our registered office is 16-1, Youido-dong,
Youngdeungpo-gu, Seoul 150-996, The Republic of Korea. The SGX-ST assumes no responsibility for the contents of this prospectus
supplement and the accompanying prospectus, and makes no representation as to liability whatsoever for any loss howsoever arising from or
in reliance upon the whole or any part of the contents of this prospectus supplement and the accompanying prospectus. Approval in-principle
from, admission of the Notes to the Official List of, and the quotation of any Notes on, the SGX-ST are not to be taken as an indication of the
merits of the issuer or the Notes.
NOT AN OFFER IF PROHIBITED BY LAW
The distribution of this prospectus supplement and the accompanying prospectus, and the offer of the Notes, may be legally restricted in
some countries. If you wish to distribute this prospectus supplement or the accompanying prospectus, you should observe any restrictions. This
prospectus supplement and the accompanying prospectus should not be considered an offer and it is prohibited to use them to make an offer, in
any state or country which prohibits the offering.
The Notes may not be offered or sold in Korea, directly or indirectly, or to any resident of Korea, except as permitted by Korean
law. For more information, see "Underwriting--Foreign Selling Restrictions."

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INFORMATION PRESENTED ACCURATE AS OF DATE OF DOCUMENT
This prospectus supplement and the accompanying prospectus are the only documents on which you should rely for information about the
offering. This prospectus supplement may only be used for the purposes for which it has been published. We have authorized no one to provide
you with different information. You should not assume that the information in this prospectus supplement or the accompanying prospectus is
accurate as of any date other than the date on the front of each document.

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SUMMARY OF THE OFFERING
This summary highlights selected information from this prospectus supplement and the accompanying prospectus and may not
contain all of the information that is important to you. To understand the terms of our Notes, you should carefully read this prospectus
supplement and the accompanying prospectus.
The Notes
We are offering US$1,250,000,000 aggregate principal amount of 4% notes due January 11, 2017 (the "2017 Notes") and
US$1,000,000,000 aggregate principal amount of 5% notes due April 11, 2022 (the "2022 Notes", and together with the 2017 Notes, the
"Notes").
The 2017 Notes will bear interest at a rate of 4% per annum and the 2022 Notes will bear interest at a rate of 5% per annum. The
first interest payment on the 2017 Notes will be made on July 11, 2012 in respect of the period from (and including) January 11, 2012 to
(but excluding) July 11, 2012, and thereafter, interest on the 2017 Notes will be paid semi-annually in arrears on January 11 and July 11 of
each year. The first interest payment on the 2022 Notes will be made on April 11, 2012 in respect of the period from (and including)
January 11, 2012 to (but excluding) April 11, 2012, and thereafter, interest on the 2022 Notes will be paid semi-annually in arrears on
April 11 and October 11 of each year. Interest on the Notes will accrue from January 11, 2012, and will be computed based on a 360-day
year consisting of twelve 30-day months. See "Description of the Notes--Payment of Principal and Interest."
The Notes will be issued in minimum denominations of US$200,000 principal amount and integral multiples of US$1,000 in excess
thereof. The Notes will be represented by one or more global securities registered in the name of a nominee of The Depository Trust
Company ("DTC"), as depositary.
We do not have any right to redeem the Notes prior to maturity.
Listing
We have applied to the SGX-ST for the listing and quotation of the Notes. Settlement of the Notes is not conditioned on obtaining the
listing. There can be no assurance that such listing will be obtained for the Notes. The Notes will be traded on the SGX-ST in a minimum
board lot size of US$200,000 for so long as the Notes are listed on the SGX-ST and the rules of the SGX-ST so require.
Form and settlement
We will issue each series of Notes in the form of one or more fully registered global notes, registered in the name of a nominee of
DTC. Except as described in the accompanying prospectus under "Description of the Securities--Description of Debt Securities--Global
Securities," the global notes will not be exchangeable for Notes in definitive registered form, and will not be issued in definitive
registered form. Financial institutions, acting as direct and indirect participants in DTC, will represent your beneficial interests in the
global notes. These financial institutions will record the ownership and transfer of your beneficial interest through book-entry accounts.
You may hold your beneficial interests in the Notes through Euroclear Bank S.A./N.V. ("Euroclear") or Clearstream Banking, société
anonyme ("Clearstream") if you are a participant in such systems, or indirectly through organizations that are participants in such systems.
Any secondary market trading of book-entry interests in the Notes will take place through DTC participants, including Euroclear and
Clearstream. See "Clearance and Settlement--Transfers Within and Between DTC, Euroclear and Clearstream."
Further Issues
We may from time to time, without the consent of the holders of the Notes, create and issue additional debt securities with the same
terms and conditions as either series of the Notes in all respects so that such further issue

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shall be consolidated and form a single series with the relevant series of Notes. We will not issue any such additional debt securities
unless such additional securities have no more than a de minimis amount of original issue discount or such issuance would constitute a
"qualified reopening" for U.S. federal income tax purposes.
Delivery of the Notes
We expect to make delivery of the Notes, against payment in same-day funds on or about January 11, 2012, which we expect will be
the fifth business day following the date of this prospectus supplement, referred to as "T+5." You should note that initial trading of the
Notes may be affected by the T+5 settlement. See "Underwriting--Delivery of the Notes."

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USE OF PROCEEDS
We will use the net proceeds from the sale of the Notes for our general operations, including extending foreign currency loans and
repayment of our maturing debt and other obligations.

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RECENT DEVELOPMENTS
This section provides information that supplements the information about our bank and the Republic included under the headings
corresponding to the headings below in the accompanying prospectus dated July 7, 2011. Defined terms used in this section have the
meanings given to them in the accompanying prospectus. If the information in this section differs from the information in the
accompanying prospectus, you should rely on the information in this section.
THE EXPORT-IMPORT BANK OF KOREA
Our financial information as of September 30, 2011 and for the nine months ended September 30, 2010 and 2011 in this prospectus
supplement is presented based on our unaudited internal management accounts.
Overview
As of June 30, 2011, we had (Won)41,434 billion of outstanding loans, including (Won)23,848 billion of outstanding export credits,
(Won)13,966 billion of outstanding overseas investment credits and (Won)2,584 billion of outstanding import credits, as compared to
(Won)41,230 billion of outstanding loans, including (Won)23,073 billion of outstanding export credits, (Won)13,727 billion of outstanding
overseas investment credits and (Won)2,501 billion of outstanding import credits as of December 31, 2010.
Capitalization
As of September 30, 2011, our authorized capital was (Won)8,000 billion and our capitalization was as follows:

September 30, 2011 (1)
(billions of Won)

(unaudited)

Long-Term Debt (2)(3)(4)(5):

Borrowings in Korean Won

(Won)
--
Borrowings in Foreign Currencies

1,294

Export-Import Financing Debentures

25,479

Total Long-term Debt

(Won)
26,773

Capital and Reserves:

Paid-in Capital (6)

(Won)
6,209
Retained Earnings

1,485

Legal Reserve

284

Voluntary Reserve

870

Unappropriated Retained Earnings

331

Accumulated Other Comprehensive Income

(30)

Total Capital and Reserve

(Won)
7,664

Total Capitalization

(Won)
34,437

(1) Except as described in this prospectus supplement, there has been no material adverse change in our capitalization since September 30,
2011.
(2) We have translated borrowings in foreign currencies as of September 30, 2011 into Won at the rate of (Won)1,179.5 to US$1.00, which
was the market average exchange rate as announced by the Seoul Monetary Brokerage Services Ltd., on September 30, 2011.
(3) As of September 30, 2011, we had contingent liabilities totaling (Won)65,356 billion, which consisted of (Won)42,960 billion under
outstanding guarantees and acceptances and (Won)22,396 billion under contingent guarantees and acceptances issued on behalf of our
clients.
(4) As of September 30, 2011, we had entered into 98 interest rate related derivative contracts with a notional amount of (Won)12,356
billion and 155 currency related derivative contracts with a notional amount of (Won)13,328 billion in accordance with our policy to
hedge interest rate and currency risks.
(5) All of our borrowings, whether domestic or international, are unsecured and unguaranteed.
(6) As of September 30, 2011, authorized ordinary share capital was (Won)8,000 billion and issued fully-paid ordinary share capital was
(Won)6,209 billion. See "Government Support and Supervision" in this prospectus supplement and the accompanying prospectus.

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