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New South Wales Treasury prices, wraps tender for 5% notes due 2039
By Susanna Moon
Chicago, Feb. 18 – New South Wales Treasury Corp. said investors had tendered £205.65 million of its £250 million 5% notes due February 2039 guaranteed by the Crown in Right of New South Wales.
The company will pay 146.086% of par plus accrued interest with a repurchase price of £73,043 per £50,000 principal amount, according to a company notice.
Pricing was set at 4 a.m. ET on Feb. 17 using the 4.75% U.K. Treasury gilt due Dec. 7, 2038 plus a spread of 10 basis points.
The benchmark reference yield was set at 2.341%, the repurchase spread was 10 bps, the repurchase yield was 2.441%, and accrued interest was £2,465.75 per £50,000 of notes, for a total repurchase amount of £75,508.75 per £50,000 par amount.
The tender offer ended at 11 a.m. ET on Feb. 16. The offer began Feb. 10.
After settlement on Feb. 20, there will be £44.35 million of the notes outstanding.
The company previously said that the offer is part of the issuer’s ongoing liability management activities.
J.P. Morgan Securities plc (+44 0 20 7134 3414, attn: liability management, email: emea_lm@jpmorgan.com) is the dealer manager. Lucid Issuer Services Ltd. (+44 0 20 7704 0880, attn: Thomas Choquet, email: nsw@lucid-is.com) is the tender agent.
The issuer is based in Sydney, Australia, and is the central borrowing authority for the state of New South Wales.
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