NACF completes debut dollar sub debt issue

Government-owned institution follows IBK into the sub debt sector.

The National Agricultural Co-operative Federation NACF priced a debut $250 million lower tier 2 deal yesterday Thursday via lead managers ABN AMRO, Credit Suisse First Boston and HSBC.

Pricing came at 99.508% on a coupon of 5.75% to yield 5.865%. This equates to 183bp over Treasuries, or 138bp over Libor. Fees were 30 cents.

At 138bp over Libor, the deal came at a roughly 70bp premium to the bank's June 2008 senior debt deal, which was trading at 68bp over Libor and 90bp over Treasuries at the time of pricing. It also came at a 15bp to 17bp premium to its main comparable - a...

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