By Cristal Cody
Tupelo, Miss., Sept. 29 – National Rural Utilities Cooperative Finance Corp. priced an upsized $400 million of green collateral trust bonds due March 15, 2031 (A1/A/A+) on Tuesday at a Treasuries plus 73 basis points spread, according to a market source and an FWP filing with the Securities and Exchange Commission.
Price talk was in the 95 bps to 100 bps over Treasuries area.
The offering was upsized from $350 million.
The issue was priced at 99.748 to yield 1.376%.
Bookrunners were J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Mizuho Securities USA Inc., PNC Capital Markets LLC and Truist Securities Inc.
Proceeds from the deal will be used for eligible renewable energy projects.
The market lender for electric cooperatives is based in Herndon, Va.
| Issuer: | National Rural Utilities Cooperative Finance Corp.
|
| Amount: | $400 million
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| Description: | Green collateral trust bonds
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| Maturity: | March 15, 2031
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| Bookrunners: | J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Mizuho Securities USA Inc., PNC Capital Markets LLC and Truist Securities Inc.
|
| Co-manager: | Regions Securities LLC
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| Coupon: | 1.35%
|
| Price: | 99.748
|
| Yield: | 1.376%
|
| Spread: | Treasuries plus 73 bps
|
| Call features: | Make-whole call at price equal to greater of par or Treasuries plus 15 bps before Dec. 15, 2030; thereafter at par
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| Trade date: | Sept. 29
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| Settlement date: | Oct. 8
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| Ratings: | Moody’s: A1
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| S&P: A
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| Fitch: A+
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| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 95 bps-100 bps area
|
| Marketing: | Fixed income investor calls
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