NACF prices debut bond

Korea''s National Agricultural Co-operative Federations (NACF) prices at a 5bp to 7bp premium to the Industrial Bank of Korea (IBK).

Joint-leads ABN Amro and Merrill Lynch completed an upsized $400 million five-year Eurobond for NACF after Asia's close on Friday.

The A3BBB rated deal was launched off a newly established $1.5 billion MTN programme and priced at 99.818% on a coupon of 3.45% to yield 3.449% or 144bp over Treasuries. As a debut borrower, the nearest pricing comparable was the similarly rated IBK, whose recent June 2008 bond was trading between 137bp to 139bp bid at...

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