By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, March 27 – Tennessee Valley Authority priced $1 billion of 3.875% five-year bonds at a spread of 45 basis points over Treasuries on Monday, according to a market source
Initial talk on the bonds (Aaa) was in the Treasuries plus low 50 bps area.
BofA Securities, Inc., Barclays, Morgan Stanley & Co. LLC and RBC Capital Markets LLC were the bookrunners.
Tennessee Valley Authority is a Knoxville, Tenn.-based corporate agency of the United States of America that provides electricity and is responsible for managing the Tennessee River and its tributaries to provide flood control, navigation and land management.
| Issuer: | Tennessee Valley Authority
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| Amount: | $1 billion
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| Issue: | Bonds
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| Maturity: | March 15, 2028
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| Bookrunners: | BofA Securities, Inc., Barclays, Morgan Stanley & Co. LLC and RBC Capital Markets LLC
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| Coupon: | 3.875%
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| Spread: | Treasuries plus 45 bps
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| Trade date: | May 6
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| Rating: | Moody’s: Aaa
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| Price guidance: | Treasuries plus low 50 bps area
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