NACF to harvest dollar bonds

Korea''s National Agricultural Co-operative Federation (NACF) mandates ABN Amro and Merrill Lynch for an inaugural bond deal.

Adding to a growing pipeline of prospective deals due from Korea over the next month, NACF is said to be preparing a $300 million issue. The company's ratings advisor, ABN Amro and Merrill Lynch have been given the books for the five-year deal, which is expected to launch in late June.

The most comparable pricing benchmark for the group is likely to be the Industrial Bank of Korea IBK with whom it shares the same BBB rating from Standard Poor's. It seems certain to pay a very small premium, however, because it has not yet established the same track record with investors.

During Asian trading yesterday Monday, IBK's 4.375%...

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