Cleary Gottlieb Steen & Hamilton has served as transaction counsel in a ¬300m offering by the Export-Import Bank of Korea of floating rate notes due 2009. Hong Kong-based partner Jinduk Han led the firm's team, which included London-based associate Jonathan Hay providing tax advice.

ABN AMRO and Deutsche Bank were the joint lead managers and bookrunners, with the notes listed on the London Stock Exchange. The Reg. S offering was a takedown from KEXIM's US$6bn global medium term note program.

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