FMS Wertmanagement sells $2 billion notes; Fifth Third taps market for $1.5 billion

By Devika Patel

Knoxville, Tenn., Jan. 23 – The primary investment-grade bond market was active on Wednesday, with two deals pricing and one new deal announced.

Munich-based German state-owned wind-down agency FMS Wertmanagement said it sold $2 billion of 2.75% five-year senior notes.

The notes were sold at 99.963 to yield 2.758%.

BofA Merrill Lynch, Citigroup Global Markets Ltd., Commerzbank AG, Credit Agricole CIB and Toronto-Dominion Bank were the joint bookrunners.

Meanwhile, Cincinnati-based financial services company Fifth Third Bancorp priced $1.5 billion of 3.65% five-year senior notes.

The notes were sold with a spread of Treasuries plus 110 bps. The notes priced at 99.814 to yield 3.691%.

Morgan Stanley & Co. LLC, Fifth Third Securities Inc., Goldman Sachs & Co. LLC and RBC Capital Markets LLC were the bookrunners.

Still ahead, Regions Financial Corp., the Birmingham, Ala.-based financial services company, announced plans for an add-on to its 3.8% senior notes (Baa2/BBB+/BBB+) due Aug. 14, 2023.

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