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Korea's NACF expected to bring $300 million to $400 million subordinated debt
By Paul A. Harris
St. Louis, May 17 - South Korea's National Agricultural Cooperative Federation (NACF) is expected to sell $300 million to $400 million of lower tier 2 subordinated notes, according to market sources.
Timing of the deal remains to be determined.
BNP Paribas, Calyon Securities and Merrill Lynch & Co. are expected to lead the deal.
The notes will come with five years of call protection.
In May 2005, NACF priced a $400 million offering of 5 1/8% lower tier 2 notes (Baa1/BBB) at mid-swaps plus 100 basis points
NACF is and umbrella organization for Korea's regional cooperatives and has headquarters in Seoul, Korea.
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