NACF clears market: at a price

Quasi-sovereign credit accepts market reality.

The National Agricultural Co-operative Federation NACF returned to the international subordinated debt market for the first times since June late on Thursday with a $400 million issue via Barclays, BNP Paribas and JPMorgan.

Like Korea Highway a few days before it, NACF had to price off a secondary curve that had widened over the course of the marketing period. Unlike Korea Highway, it also needed to pay a comfortable new issue premium in order to secure a strong enough order book.

Pricing of the 10 non-call five fixed to fixed deal came at 99.457% on a coupon of 5.125% to yield 5.25%. This equated to 145.3bp...

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