nacf-releases-price-guidance-for-500-million-bond

NACF releases price guidance for $500 million bond

The pricing is in line with the outstanding curve, leading bankers to expect a positive response.

By Rosie Slater

April 18, 2007

KoreaÆs National Agricultural Cooperative Federation NACF has released guidance at 42bp over mid-swaps for its upcoming benchmark $500 million issue. The Reg-S A-Baa1 10-year non-call-five bond is due to price on Thursday via ABN AMRO, BNP Paribas, Citi and HSBC.

Guidance is in line with the federationÆs outstanding curve. Its 2014, 2015 and 2016 sub-debt offerings are trading at 35bp, 38bp and 40bp over mid-swaps respectively, indicating a one-year maturity extension of 2-3 basis points. More, Hana BankÆs recent 2017 issue is currently trading on the secondary market at 40bp over mid-swaps.

The roadshow has already visited Singapore and Hong Kong, and is in London today. Demand is expected primarily from Asia...

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