By Andrea Heisinger
New York, June 13 - City National Bank sold $150 million of 5.375% 10-year subordinated bank notes on Wednesday at a spread of 377.2 basis points over Treasuries, a source away from the trade said.
The notes (A2/BBB+/) were priced at 99.995 to yield 5.375%. There is no call option.
Bookrunners were Goldman Sachs & Co. and J.P. Morgan Securities LLC.
The financial services unit of Los Angeles-based bank holding company City National Corp. was last in the market with a $130 million sale of subordinated notes in two tranches on Aug. 17, 2009.
| Issuer: | City National Bank
|
| Issue: | Subordinated bank notes
|
| Amount: | $150 million
|
| Maturity: | July 15, 2022
|
| Bookrunners: | Goldman Sachs & Co., J.P. Morgan Securities LLC
|
| Coupon: | 5.375%
|
| Price: | 99.995
|
| Yield: | 5.375%
|
| Spread: | Treasuries plus 377.2 bps
|
| Call: | Non-callable
|
| Trade date: | June 13
|
| Settlement date: | June 20
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: BBB+
|
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