NACF bonds tighten in secondary despite market dip

Korea's NACF takes advantage of a brief market recovery to price a $500 million senior bond.

Korean quasi-sovereign borrower National Agriculture Cooperative Federation NACF grabbed the opportunity to price a $500 million five-and-a-half-year senior bond early yesterday morning.

The timing proved fortuitous as financial markets rallied briefly on Monday, only to slide into the red yesterday. The investment-grade borrower, which provides financing for the development of Korea’s agriculture industry, had been planning to launch a deal around mid-June but was kept at bay by poor market conditions.

On Sunday evening, US politicians reached a tentative eleventh-hour agreement to raise the country’s debt ceiling and avert a default, which prompted investors into a relief rally.

On Monday morning in Asia, shortly...

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