By Aleesia Forni
Virginia Beach, July 21 – ABN Amro Bank NV priced $1.5 billion of 4.75% 10-year subordinated bank notes (Baa3/BBB-/A-) on Tuesday at Treasuries plus 245 basis points, a market source said.
The issue priced at 99.732 to yield 4.784%.
Pricing was at the tight end of talk set in the 250 bps area over Treasuries, which had tightened from initial price thoughts in the area of Treasuries plus 265 bps.
Proceeds will be used for general corporate purposes.
Bookrunners for the Rule 144A and Regulation S without registration rights deal were BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.
The bank and financial services company is based in Amsterdam.
| Issuer: | ABN Amro Bank
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| Amount: | $1.5 billion
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| Description: | Subordinated bank notes
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| Maturity: | July 28, 2025
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| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
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| Coupon: | 4.75%
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| Price: | 99.732
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| Yield: | 4.784%
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| Spread: | Treasuries plus 245 bps
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| Trade date: | July 21
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| Settlement date: | July 28
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| Ratings: | Moody’s: Baa3
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| Standard & Poor’s: BBB-
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| Fitch: A-
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| Price guidance: | Treasuries plus 250 bps area, tightened from Treasuries plus 265 bps area
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| Distribution: | Rule 144A, Regulation S without registration rights
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