By Andrea Heisinger
New York, June 19 - National Bank of Canada priced $1 billion of 1.5% three-year senior notes on Tuesday at a spread of Treasuries plus 120 basis points, an informed source said.
The notes were priced tighter than guidance in the 130 bps area.
The paper (Aa2/A/) was sold at 99.758 to yield 1.583%.
There is no call option.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, National Bank of Canada Financial and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes.
The notes are guaranteed by National Bank of Canada's New York branch.
The financial services company is based in Montreal.
| Issuer: | National Bank of Canada
|
| Guarantor: | National Bank of Canada, New York branch
|
| Issue: | Senior notes
|
| Amount: | $1 billion
|
| Maturity: | June 26, 2015
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, National Bank of Canada Financial, Wells Fargo Securities LLC
|
| Coupon: | 1.5%
|
| Price: | 99.758
|
| Yield: | 1.583%
|
| Spread: | Treasuries plus 120 bps
|
| Call: | Non-callable
|
| Trade date: | June 19
|
| Settlement date: | June 26
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: A
|
| Price talk: | 130 bps area
|
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