By Cristal Cody
Tupelo, Miss., Oct. 24 – Zions Bancorporation NA (Baa1/BBB+/BBB) priced $500 million of 3.25% 10-year subordinated notes on Thursday at a spread of 153 basis points over Treasuries, according to a market source.
Initial price talk was in the Treasuries plus 175 bps area.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the bookrunners.
Zions Bancorporation is a bank holding company based in Salt Lake City, Utah.
| Issuer: | Zions Bancorporation NA
|
| Amount: | $500 million
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| Description: | Subordinated notes
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| Maturity: | Oct. 29, 2029
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| Bookrunners: | Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
|
| Coupon: | 3.25%
|
| Spread: | Treasuries plus 153 bps
|
| Trade date: | Oct. 24
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB
|
| Marketing: | Fixed income investor calls
|
| Price guidance: | Treasuries plus 175 bps area
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