PSP Capital launches seven-year notes at mid-swaps plus 18 bps

By Cristal Cody

Chicago, Oct. 19 – PSP Capital Inc.’s $1 billion bond offering (Aaa/AAA/AAA/DBRS: AAA) is expected to price as Tuesday business, a day later than initially announced, according to multiple market sources.

Price talk was tightened at launch to mid-swaps plus 18 basis points, 1 bp lower than price talk in the mid-swaps plus 19 bps area.

The Rule 144A and Regulation S notes will mature Oct. 26, 2028.

Public Sector Pension Investment Board is the guarantor.

Listing will be on the Irish Stock Exchange.

BNP Paribas, Citigroup, Morgan Stanley and RBC are the bookrunners. RBC is handling billing and delivery.

Books were in excess of $2 billion, excluding joint lead manager interest.

Allocations are expected on Tuesday.

PSP Capital is the principal financing arm of the Ottawa-based Public Sector Pension Investment Board.

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