koreas-nacf-prices-bond-at-tight-end

Korea's NACF prices bond at tight end

In the wake of Kexim's successful deal, the National Agricultural Cooperative prices a $400 million Reg-S bond and achieves an oversubscription level of four times.

By Rosie Slater

October 16, 2007

Korea's National Agricultural Cooperative Federation NACF priced a Reg-S, $400 million five-year AA deal yesterday, in the wake of KeximÆs $2 billion bond last week. The transaction, managed by Calyon, Morgan Stanley, and UBS, closed at a spread of 121.5bp over Treasuries, equivalent to 57bp over mid-swaps or 56.2bp over Libor.

The deal closed at the tight end of guidance, which was announced at 57bp to 60bp over mid-swaps, and tightened by one basis point on the break, indicating a good execution. Moreover, the deal was announced as a $300 million-$400 million trade, and succeeded in pricing at the top of that range.

Over 60 accounts participated in the deal, with bookrunners allocating...

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