suhyup-bank-prices-300-million-frn-at-guidance

Suhyup Bank prices $300 million FRN at guidance

The issue marks the first international debt offering for South Korea's National Federation of Fisheries Cooperative.
Suhyup Bank, a unit of South KoreaÆs National Federation of Fisheries Cooperative NFFC, priced a five-year $300 million senior Reg-S FRN on Tuesday at 25bp over three-month dollar Libor. The price is in line with guidance.

The issue, led by Deutsche Bank and Standard Chartered Bank and rated A- stableA3 positive, marked the NFFCÆs first international public debt offering. The book closed at $435 million, with bonds allocated to 37 accounts. The trade followed a roadshow that encompassed Hong Kong, Singapore and London.

In terms of comparables, bankers quote Kookmin Bank and NACFÆs January 2012 issues, which were both trading at 24bp over Libor. On a rating adjustment basis, Suhyup Bank...
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