Suhyup to market biggest dollar bond since 2009

National Federation of Fisheries Cooperatives, a Korean lender known as Suhyup, is marketing a five-year dollar-denominated bond of at least $300 million, according to a person familiar with the matter.

Suhyup is marketing the notes to yield between 275 basis points and 285 basis points more than similar-maturity Treasuries, the person said, asking not to be identified because the details are private.

Han Jae-kwon, the head of international financing of Suhyup, was not available to comment on the sale after five phone calls to the company in Seoul.

The fishing industry advocate’s last dollar debt offering of $100 million or more was in July 2009, when it sold $300 million of five-year notes at 376.7 basis points more than the mid-swap rate, according to data compiled by Bloomberg. The bond was being traded at a spread of 210 basis points as of 4:43 p.m. in Seoul, according to ING Groep NV prices.

Bank of America Corp., Citigroup Inc., ING, Royal Bank of Scotland Group Plc and Standard Chartered Plc are helping to arrange the new sale. The bond is rated “A2” and “A-” by Moody’s Investors Services and Standard & Poor’s, their sixth- and the seventh-highest investment grades, respectively. 

(Bloomberg)