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...
