By William Gullotti and Cristal Cody
Buffalo, N.Y., April 6 – AIA Group Ltd. detailed its $600 million sale of 4.95% 10-year notes (A1/A+/A+) at 99.649 in a term sheet on Thursday.
As previously reported March 29 with information provided by a market source, the group priced the offering March 28 with a spread of 145 basis points over Treasuries, below initial talk in the Treasuries plus 180 bps area.
The Rule 144A and Regulation S notes are issued under the group’s $16 billion global medium term note and securities program.
The notes feature a make-whole call, exercisable in whole but not in part, at Treasuries plus 25 bps until Jan. 4, 2033, followed by a par call until maturity. The notes may also be called at any time for taxation reasons at par.
BNP Paribas, Credit Agricole CIB, Deutsche Bank, Morgan Stanley & Co. International plc, Standard Chartered Bank and Wells Fargo Securities are the bookrunners.
Listing for the notes is expected on the Hong Kong Exchange effective April 6.
AIA is a pan-Asian life insurance group based in Hong Kong.
| Issuer: | AIA Group Ltd.
|
| Amount: | $600 million
|
| Issue: | Notes
|
| Maturity: | April 4, 2033
|
| Bookrunners: | BNP Paribas, Credit Agricole CIB, Deutsche Bank, Morgan Stanley, Standard Chartered Bank and Wells Fargo Securities
|
| Coupon: | 4.95%
|
| Price: | 99.649
|
| Spread: | Treasuries plus 145 bps
|
| Calls: | Make-whole call at Treasuries plus 25 bps until Jan. 4, 2033, par call thereafter
|
| Pricing date: | March 28
|
| Issue date: | April 4
|
| Listing date: | April 6
|
| Ratings: | Moody’s: A1
|
| S&P: A+
|
| Fitch: A+
|
| Distribution: | Rule 144A and Regulation S
|
| ISINs: | US00131MAP86, US00131LAP04
|
| Initial price talk: | Treasuries plus 180 bps area
|
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