Cleary, Gottlieb, Steen & Hamilton has advised The Export-Import Bank of Korea on a $1 billion notes issue.

The ten-year notes are listed on the Singapore Exchange and registered with the U.S. Securities and Exchange Commission. The state-controlled Korean bank, which is better known as Kexim, focuses on providing export credit to support Korean overseas trade and is a frequent issuer of bonds. It will use the proceeds of the issue to extend foreign currency loans and repay existing debt, according to a filing with the SEC.

Jinduk Han, who led Cleary’s team advising Kexim, says the bank’s status as a sovereign-backed entity with a long track record in debt issuance was helpful in inspiring investor confidence depite current market uncertainty, he adds.

Cleary’s long-standing relationship with the bank, which extends to around 12 years according to Han, includes advising a number of previous offerings of notes, including a $1 billion issue on the Singapore Exchange last March.

Davis Polk & Wardwell acted for the underwriters, which included Credit Suisse Securities (USA) LLC, Goldman Sachs International, The Hongkong and Shanghai Banking Corp. Ltd., J.P. Morgan Securities LLC, and Merrill Lynch & Co., Inc. Tokyo corporate partner Eugene Gregor and London-based tax partner John Paton advised on the deal, along with the firm’s lawyers in Hong Kong and New York.

Seoul-based Bae, Kim & Lee provided Korean issuer’s counsel, with a team led by partner Hee Gang Shin.