NACF launches bond with "heroic" guidance
Korean farmers' bank releases wide price guidance with the hope to build momentum against the back of a weak market.
Korean government-owned National Agricultural Cooperative Federation NACF has released initial price guidance on a small reg-S lower-tier 2 10-year non call five-year offering. The deal, led by BNP Paribas, Calyon and Merrill Lynch, was initially launched at $400 million and will now seek to raise $300 million in a market that has been very problematic for new issues in recent weeks.
This will be the third consecutive sub-debt offering from the Baa1BBB rated Korean issuer, following similar deals in...
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