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South Korean raises US$ 100 million through bond sales overseas
Oct. 29, 2008
South Korea's National Agricultural Cooperative Federation (NACF) said Sunday that it had raised US$100 million by selling bonds overseas, reports Asia Pulse. 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 a global credit crunch. The South Korean government said last week it would provide $30 billion to local banks and exporters 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.
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