By Aleesia Forni
Virginia Beach, Va., Sept. 16 - Commonwealth Bank of Australia came to the primary on Monday with a $3 billion two-part issue of notes (Aa2/AA-/) on Wednesday via Rule 144A and Regulation S, according to a market source.
Both tranches priced at the tight end of talk.
The bank sold $2 billion floating-rate notes due 2016 at par to yield Libor plus 50 basis points.
There was also $1 billion of 2.5% notes due 2018 sold with a spread of Treasuries plus 90 bps.
Pricing was at 99.897 to yield 5.22%.
A three-year tranche of fixed-rate notes was dropped from the deal.
The bookrunners were Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.
The Sydney, Australia-based banking and financial services company was last in the U.S. bond market with $2 billion of 0.75% three-year covered bonds priced with a spread of Treasuries plus 32 bps on Jan. 9, 2013.
| Issuer: | Commonwealth Bank of Australia
|
| Issue: | Notes
|
| Amount: | $3 billion
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Commonwealth Bank of Australia
|
| Trade date: | Sept. 16
|
| Settlement date: | Sept. 20
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
|
|
| Three-year floaters
|
| Amount: | $2 billion
|
| Maturity: | Sept. 20, 2016
|
| Coupon: | Libor plus 50 bps
|
| Price: | Par
|
| Yield: | Libor plus 50 bps
|
| Price talk: | Libor plus 55 bps area
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | Sept. 20, 2018
|
| Coupon: | 2.5%
|
| Price: | 99.897
|
| Yield: | 2.522%
|
| Spread: | Treasuries plus 90 bps
|
| Price talk: | Treasuries plus 95 bps area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
