Korea's National Agricultural Cooperative Federation NACF priced a Reg-S, $400 million five-year AA deal yesterday, in the wake of KeximÆs $2 billion bond last week. The transaction, managed by Calyon, Morgan Stanley, and UBS, closed at a spread of 121.5bp over Treasuries, equivalent to 57bp over mid-swaps or 56.2bp over Libor.
The deal closed at the tight end of guidance, which was announced at 57bp to 60bp over mid-swaps, and tightened by one basis point on the break, indicating a good execution. Moreover, the deal was announced as a $300 million-$400 million trade, and succeeded in pricing at the top of that range.
Over 60 accounts participated in the deal, with bookrunners allocating...
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