By Reshmi Basu
New York, June 15 - Public Bank Bhd priced $350 million 10-year subordinated notes (Baa1/BBB+) at 99.716 to yield 160 basis points over U.S. Treasuries, according to a market source.
The deal came at the tight end of guidance which put the yield at a spread of U.S. Treasuries plus 160 to 165 basis points.
The notes are non-callable for five years.
Barclays Capital and Citigroup were bookrunners for the Regulation S deal.
Issuer: Public Bank
Amount: $350 million
| Issue: | Subordinated notes
|
| Maturity: | Sept. 22, 2014
|
| Coupon: | 5.625%
|
| Issue price: | 99.716
|
| Yield: | 5.661%
|
| Spread: | 160 basis points
|
| Call option: | Non-callable for five years
|
| Settlement: | | June 22
|
| Bookrunners: | Barclays Capital, Citigroup
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Price guidance: | 160 to 165 basis points over U.S. Treasuries
|
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