nacf-prices-newest-tier2-deal-despite-choppy-markets

NACF prices newest tier-2 deal despite choppy markets

With the international debt markets continuing their current streak of volatility BNP Paribas, Calyon and Merrill Lynch price the market's first deal in over two weeks.
South Korea's National Agricultural Cooperative Federation NACF priced its $400 million reg-S lower-tier 2 10-year bond offering via joint leads BNP Paribas, Calyon and Merrill Lynch. This deal marks the first dollar-denominated bond to come out of Asia since the HSBC-led Dah Sing subordinated debt deal on May 26.

The leads were able to upsize the deal from $300 million back to its originally enviisioned size on the back of a solid book. The deal had initially been marketed to investors during roadshows in mid-May, but for a size of $400 million, until market sentiment turned and the leads and borrower -needing to get a deal done prior to its quarterly reporting deadline at...
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