By William Gullotti and Cristal Cody
Buffalo, N.Y., Nov. 15 – National Securities Clearing Corp. priced $1 billion of notes in two tranches (Aaa/AA+) on Monday, according to information from a market source.
The company sold $400 million of 5.05% two-year notes at a spread of 65 basis points over Treasuries.
A $600 million tranche of 5.1% five-year notes was sold with a Treasuries plus 110 bps spread.
According to Moody’s Investors Service, National Securities plans on using the proceeds as a component of its liquidity risk management framework, and the planned issuance will refinance its Aaa-rated $1 billion senior notes due April 2023.
The subsidiary of New York-based Depository Trust & Clearing Corp. provides clearing and settlement services to the financial industry.
| Issuer: | National Securities Clearing Corp.
|
| Amount: | $1 billion
|
| Issue: | Notes
|
| Trade date: | Nov. 14
|
| Ratings: | Moody’s: Aaa
|
| S&P: AA+
|
|
|
| Two-year notes
|
| Amount: | $400 million
|
| Tenor: | Two years
|
| Coupon: | 5.05%
|
| Spread: | Treasuries plus 65 bps
|
|
|
| Five-year notes
|
| Amount: | $600 million
|
| Tenor: | Five years
|
| Coupon: | 5.1%
|
| Spread: | Treasuries plus 110 bps
|
|
|
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