By Cristal Cody
Prospect News, Oct. 25 - Laurentian Bank of Canada sold an upsized C$250 million 10-year subordinated medium-term notes, series 2010-1, on Monday, sources said.
The deal was upsized from C$200 million.
The 3.7% notes priced at 99.733 to yield 3.759%, or a spread of 186.6 bps over the Canadian government benchmark. The notes priced at the low end of price talk, according to a source.
The notes are callable after five years at par.
Laurentian Bank Securities, Inc. was the lead bookrunner.
Proceeds will be used for general banking purposes.
The Quebec-based bank offers commercial and consumer banking services through more than 150 branches in Canada.
| Issuer: | Laurentian Bank of Canada
|
| Amount: | C$250 million
|
| Maturity: | Nov. 2, 2020
|
| Securities: | Series 2010-1 subordinated medium-term notes
|
| Bookrunner: | Laurentian Bank Securities, Inc. (lead)
|
| Coupon: | 3.7%
|
| Price: | 99.733
|
| Yield: | 3.759%
|
| Spread: | 186.6 bps over the Canadian government benchmark
|
| Call feature: | After Nov. 2, 2015 at par
|
| Pricing date: | Oct. 25
|
| Settlement date: | Nov. 2
|
| Distribution: | Canada only
|
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