Published on 4/23/2015 in the Prospect News Emerging Markets Daily.
New Issue: FirstRand Bank sells $500 million 4¼% five-year notes at mid-swaps plus 280 bps
By Christine Van Dusen
Atlanta, April 23 – South Africa’s FirstRand Bank Ltd. priced $500 million 4¼% five-year notes (Baa2/BBB-/BBB) at 99.617 to yield 4.336%, or mid-swaps plus 280 basis points, a market source said.
BofA Merrill Lynch, BNP Paribas, Rand Merchant Bank and Standard Chartered Bank were the bookrunners for the Regulation S deal.
FirstRand is a lender based in Sandton, South Africa.
| Issuer: | FirstRand Bank Ltd.
|
| Amount: | $500 million
|
| Maturity: | April 30, 2020
|
| Description: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, BNP Paribas, Rand Merchant Bank, Standard Chartered Bank
|
| Coupon: | 4¼%
|
| Price: | 99.617
|
| Yield: | 4.336%
|
| Spread: | Mid-swaps plus 280 bps
|
| Trade date: | April 23
|
| Settlement date: | April 30
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: BBB-
|
| Fitch: BBB
|
| Distribution: | Regulation S
|
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