By Paul A. Harris
St. Louis, Jan. 9 - FCE Bank plc, the financing arm of Ford Motor Co., priced a €1 billion issue of 7 1/8% five-year notes (B1/B+/BB-) at mid-swaps plus 300 basis points on Tuesday, according to a market source.
The issue priced at the tight end of the mid-swaps plus 300 to 310 bps price talk.
The notes came at a dollar price of 99.939, resulting in a 7¼% yield to maturity.
BNP Paribas, HSBC and The Royal Bank of Scotland were joint bookrunners for the issue, which was priced off of the company's euro medium-term note program.
| Issuer: | FCE Bank plc
|
| Amount: | €1 billion
|
| Maturity: | Jan. 16, 2012
|
| Security description: | Euro medium-term notes
|
| Bookrunners: | BNP Paribas, HSBC, The Royal Bank of Scotland
|
| Coupon: | 7 1/8%
|
| Price: | 99.939
|
| Yield: | 7¼%
|
| Spread to mid-swaps: | 300 bps
|
| Trade date: | Jan. 9
|
| Settlement date: | Jan. 16
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Fitch: BB-
|
| Distribution: | Registered
|
| Price talk: | Mid-swaps plus 300-310 bps
|
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