New Issue: Dexia Credit prices $2 billion 2.375% five-year notes at mid-swaps plus 61 bps

By Cristal Cody

Tupelo, Miss., Sept. 12 – Dexia Credit Local SA (Aa3/AA/BBB+) priced $2 billion of Rule 144A and Regulation S senior notes due Sept. 20, 2022 on Tuesday with a 2.375% coupon at mid-swaps plus 61 basis points, according to a market source.

The notes were talked to price in the mid-swaps plus 65 bps area.

Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and Societe Generale CIB were the bookrunners.

The regional bank, focusing on sustainable development, is based in Brussels, Belgium.

Issuer:	Dexia Credit Local SA
Amount:	$2 billion
Description:	Senior notes
Maturity:	Sept. 20, 2022
Bookrunners:	Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and Societe Generale CIB
Coupon:	2.375%
Spread:	Mid-swaps plus 61 bps, or Treasuries plus 68.8 bps
Trade date:	Sept. 12
Ratings:	Moody’s: Aa3
	S&P: AA
	Fitch: BBB+
Distribution:	Rule 144A, Regulation S
Price talk:	Mid-swaps plus 65 bps area

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