The banking division of Korea's National Agricultural Cooperative Federation NACF priced its lower tier-2 $500 million bond issue yesterday. The deal came in at 41bp over mid-swaps, at the mid-point of a revised guidance released Thursday morning of 40bp-42bp. This followed TuesdayÆs initial guidance of 42bp. ABN AMRO, BNP Paribas, Citi and HSBC led the deal which closed with a coupon of 5.375% semi-annual, a price of 99.892 and a yield of 5.4%.
The 10-year non-call-five Reg-S issue, rated A- stableBaa1 positive, attracted an $860 million order book, eventually allocating bonds to 47 investors. NACF sold 82% of the bonds to Asia Pacific, 17% to Europe, and 1% to US offshore, with 32%...
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