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Societe Generale plans to price 20-year callable CMS spread notes
By Angela McDaniels
Tacoma, Wash., March 8 - Societe Generale plans to price callable CMS spread notes due March 31, 2033 linked to the 30-year Constant Maturity Swap rate and the five-year CMS rate, according to a term sheet.
The interest rate will be 11% for the first year. After that, it will be a per-year rate equal to four times the spread of the 30-year CMS rate over the five-year CMS rate minus 0.5%, subject to a minimum of zero and a maximum rate of 10%. Interest will be payable semiannually.
The payout at maturity will be par.
Beginning March 31, 2014, the notes are callable at par on any interest payment date.
SG Americas Securities, LLC is the agent. Advisors Asset Management, Inc. is distributor.
The notes will price March 25 and settle March 28.
The Cusip number is 83368WBX8.
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