S. Korea's NACF raises US$100 mil via overseas bond sale

SEOUL, Oct. 26 (Yonhap) -- South Korea's National Agricultural Cooperative Federation (NACF) said Sunday that it has raised US$100 million by selling bonds overseas.

The NACF sold the three-year debt at 3.5 basis points over the six-month London
Interbank Offered Rate (LIBOR), it said, adding that it will seek to raise 100
million euros next month via syndicated loans.
The announcement comes amid concerns that local banks are facing difficulties
raising overseas funds amid global credit crunch.
Earlier this month, the Export-Import Bank of Korea, South Korea's state-run
trade bank, said it raised $150 million by selling debts overseas.
The South Korean government said last week it will provide $30 billion to local
banks and exporters -- $20 billion of it through the trade bank -- to mitigate a
worsening dollar shortage in the local economy.
The government also pledged $100 billion in loan guarantees to prop up confidence
in the market.
sam@yna.co.kr