IBK and NACF re-engage sub debt investors

Korean state-owned banks launch subordinated dollar deals.

The closure of a small scale $200 million lower tier 2 deal for the Industrial Bank of Korea IBK on Tuesday has prompted the National Agricultural Co-operative Federation NACF to piggy back on its success with the re-launch of a $250 million lower tier 2 deal, which should price later today Thursday.

Deutsche Bank and UBS were lead managers of the BBBBBBA Fitch rated Reg S deal for IBK, which was priced at 99.738% on a coupon of 5.75% to yield 5.804%. This equated to 187bp over Treasuries, or 120bp over Libor. Fees were 35bp.

IBK's existing lower tier 2 deal of...

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