By Cristal Cody
Tupelo, Miss., Aug. 7 – Discover Bank sold $500 million of 4.682% 10-year subordinated notes (Ba1/BBB-/BBB) at a spread of 187.5 basis points over Treasuries on Monday, according to a market source.
The notes priced on the tight side of guidance that was set in the Treasuries plus 190 bps area, plus or minus 2.5 bps, and better than initial talk in the Treasuries plus 210 bps area.
Barclays, Citigroup Global Markets Inc. and RBC Capital Markets, LLC were the lead managers.
Discover Bank is a banking and payment services company based in Riverwoods, Ill.
| Issuer: | Discover Bank
|
| Amount: | $500 million
|
| Description: | Subordinated notes
|
| Maturity: | Aug. 9, 2028
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc. and RBC Capital Markets, LLC
|
| Coupon: | 4.682%
|
| Spread: | Treasuries plus 187.5 bps
|
| Trade date: | Aug. 6
|
| Ratings: | Moody’s: Ba1
|
| S&P: BBB-
|
| Fitch: BBB
|
| Price talk: | Treasuries plus 190 bps area, plus or minus 2.5 bps; initial price talk in Treasuries plus 210 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.
