By Cristal Cody
Tupelo, Miss., Sept. 3 – The European Stability Mechanism priced $3 billion of 0.375% five-year senior notes (Aa1//AAA) on Wednesday at mid-swaps plus 14 basis points, or a Treasuries plus 20.6 bps spread, according to market sources.
The notes were initially talked to price with a spread in the mid-swaps plus 16 bps area.
TD Global Finance was the stabilization coordinator, and Credit Agricole CIB and Goldman Sachs International were the bookrunners for the Rule 144A and Regulation S transaction.
The European Stability Mechanism is a Luxembourg-based intergovernmental organization that provides financial assistance to member states.
| Issuer: | European Stability Mechanism
|
| Amount: | $3 billion
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| Description: | Senior notes
|
| Maturity: | Sept. 10, 2025
|
| Bookrunners: | TD Global Finance (stabilization coordinator), Credit Agricole CIB and Goldman Sachs International
|
| Coupon: | 0.375%
|
| Spread: | Mid-swaps plus 14 bps, or Treasuries plus 20.6 bps
|
| Trade date: | Sept. 2
|
| Settlement date: | Sept. 10
|
| Ratings: | Moody’s: Aa1
|
| Fitch: AAA
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Mid-swaps plus 16 bps area
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