Korean government-owned National Agricultural Cooperative Federation NACF has released initial price guidance on a small reg-S lower-tier 2 10-year non call five-year offering. The deal, led by BNP Paribas, Calyon and Merrill Lynch, was initially launched at $400 million and will now seek to raise $300 million in a market that has been very problematic for new issues in recent weeks.
This will be the third consecutive sub-debt offering from the Baa1BBB rated Korean issuer, following similar deals in 2004 and 2005.
The leads announced guidance at 75bp over mid-swaps, which is about 10bp back of the secondary trading range of its own 5.125% May 2015 callable May 2010 and 16bp back of its...
¬ Haymarket Media Limited. All rights reserved.