The Export-Import Bank of Korea (KEXIM) is scheduled to issue up to US$500 million-worth of bonds in Taiwan June 23, local over-the-counter (OTC) officials said Monday. The KEXIM will be the third foreign entity to sell foreign currency dominated bonds in Taiwan after Deutsche Bank and BNP Paribas Bank, according to the GreTai Securities Market, Taiwan's OTC market. The bonds, which will mature in 3.5 years, carry a coupon rate of 2.65 percent, the officials said. The Korean bank, which is wholly owned by the South Korean government, has been assigned an A+ credit rating by Fitch Ratings, the officials went on. 'The local bond market has high transparency under an improved legal environment and the bank is taking advantage of such market conditions, ' said an OTC market official in charge of the particular bond sale. Prior to offering bonds in Taiwan, the KEXIM had issued bonds in Singapore and New York, the official said. 'The KEXIM wants to broaden its fund-raising channels through its presence in Taiwan to meet its financial needs for future operations, ' she said. The bond subscriptions kicked off Monday and will run through June 22, with Mega International Commercial Bank, Bank of Taiwan, Chang Hwa Bank, Taiwan Cooperative Bank, First Bank and Deutsche Bank Taiwan acting as underwriters. 