By Andrea Heisinger
New York, May 7 - BP Capital Markets plc sold $3 billion of notes (A2/A/) in three parts during Tuesday's session, a market source said.
A tranche of five-year floating-rate notes was added on reverse inquiry prior to the launch, the source said.
The $250 million tranche of five-year floaters priced at par to yield Libor plus 51 basis points.
There was $1.25 billion of 1.375% five-year notes priced at a spread of Treasuries plus 68 bps. Talk was in the 70 bps area.
The final part was $1.5 billion of 2.75% 10-year notes sold at a spread of 108 bps over Treasuries. Guidance was in the 110 bps area.
Full terms of the trade were not available at press time.
Bookrunners were BofA Merrill Lynch, Credit Agricole Securities (USA) Inc., Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC and SG Americas Securities LLC.
BP was last in the U.S. bond market with a $2 billion trade in three parts on Nov. 1, 2012. That sale included a 1.375% five-year note priced at 65 bps over Treasuries and a 2.5% 10-year note sold at Treasuries plus 85 bps.
The unit of oil company BP plc is based in London.
| Issuer: | BP Capital Markets plc
|
| Guarantor: | BP plc
|
| Issue: | Notes
|
| Amount: | $3 billion
|
| Bookrunners: | BofA Merrill Lynch, Credit Agricole Securities (USA) Inc., Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, SG Americas Securities LLC
|
| Trade date: | May 7
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
|
|
| Five-year floaters
|
| Amount: | $250 million
|
| Maturity: | 2018
|
| Coupon: | Libor plus 51 bps
|
| Price: | Par
|
| Yield: | Libor plus 51 bps
|
|
|
| Five-year fixed-rate notes
|
| Amount: | $1.25 billion
|
| Maturity: | 2018
|
| Coupon: | 1.375%
|
| Spread: | Treasuries plus 68 bps
|
| Price talk: | 70 bps area
|
|
|
| 10-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | 2023
|
| Coupon: | 2.75%
|
| Spread: | Treasuries plus 108 bps
|
| Price talk: | 110 bps area
|
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