NACF completes debut dollar sub debt issue

Government-owned institution follows IBK into the sub debt sector.

The National Agricultural Co-operative Federation NACF priced a debut $250 million lower tier 2 deal yesterday Thursday via lead managers ABN AMRO, Credit Suisse First Boston and HSBC.

Pricing came at 99.508% on a coupon of 5.75% to yield 5.865%. This equates to 183bp over Treasuries, or 138bp over Libor. Fees were 30 cents.

At 138bp over Libor, the deal came at a roughly 70bp premium to the bank's June...

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