By Cristal Cody
Tupelo, Miss., Jan. 22 – Manufacturers & Traders Trust Co. (A3/A) sold $1 billion of three-year notes in fixed- and floating-rate tranches on Monday, according to a market source.
The company priced $350 million of floating-rate notes due Jan. 25, 2021 at Libor plus 27 basis points.
Manufacturers & Traders Trust sold $650 million of 2.625% three-year fixed-rate notes at a spread of 47 bps over Treasuries.
Barclays, Morgan Stanley & Co. LLC and UBS Securities LLC were the lead managers.
The Buffalo, N.Y.-based trust operates M&T Bank, Inc.
| Issuer: | Manufacturers & Traders Trust Co.
|
| Amount: | $1 billion
|
| Description: | Fixed- and floating-rate notes
|
| Bookrunners: | Barclays, Morgan Stanley & Co. LLC and UBS Securities LLC
|
| Trade date: | Jan. 22
|
| Ratings: | Moody’s: A3
|
| S&P: A
|
|
|
| Three-year floaters
|
| Amount: | $350 million
|
| Maturity: | Jan. 25, 2021
|
| Coupon: | Libor plus 27 bps
|
|
|
| Three-year notes
|
| Amount: | $650 million
|
| Maturity: | Jan. 25, 2021
|
| Coupon: | 2.625%
|
| Spread: | Treasuries plus 47 bps
|
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