NACF leads Korean borrowing for 2004

Agricultural Federation prices its first deal in Yen as Kexim and Woori launch roadshows for dollars.

The National Agricultural Cooperation Federation NACF priced its maiden deal in yen yesterday Thursday raising Y30 billion $283 million via Citigroup and Daiwa SMBC.

The three-year deal was priced at par with a semi-annual coupon of 0.94% to yield 64bp over yen-libor. It came at roughly the same premium in Yen as the BBBA3 rated credit trades against the A3A- rated KDB in dollars.

At the time of pricing KDB had a June 2007 0.98% Samurai outstanding at 56bp over yen-libor. In the dollar market, NACF has a 3.45% June 2008 deal outstanding, which was quoted yesterday at 53bp over Libor, while KDB has a 4.25% November 2007...

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