NACF bond performs well despite fears of a weak dollar

The National Agricultural Cooperative Federation prices the tightest ever Korean lower tier-2 bond.

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...

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