By Aleesia Forni
New York, March 7 – Abbey National Treasury Services plc was in Monday’s market with a $2 billion offering of three-year notes (A1/A/A) in fixed- and floating-rate tranches, according to a market source.
There was a $1.65 billion 2.5% tranche sold at Treasuries plus 150 basis points. Pricing was at 99.825 to yield 2.56%.
Pricing came on top of guidance and tighter than initial talk in the 165 bps area over Treasuries.
A $350 million floating-rate tranche of notes sold at par to yield Libor plus 148 bps.
Guidance was at the Libor equivalent to the fixed-rate tranche.
Citigroup Global Markets Inc., HSBC Securities, Morgan Stanley & Co. LLC, Santander and Wells Fargo Securities LLC are the bookrunners.
The notes are guaranteed by Santander UK plc.
Proceeds from the sale will be used for general corporate purposes.
The financial services companies are based in London.
| Issuer: | Abbey National Treasury Services
|
| Guarantor: | Santander UK plc
|
| Issue: | Senior notes
|
| Amount: | $2 billion
|
| Bookrunners: | Citigroup Global Markets Inc., HSBC Securities, Morgan Stanley & Co. LLC, Santander, Wells Fargo Securities LLC
|
| Trade date: | March 7
|
| Settlement date: | March 14
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A
|
| Fitch: A
|
| Distribution: | SEC registered
|
|
|
| Three-year notes
|
| Amount: | $1.65 billion
|
| Maturity: | March 14, 2019
|
| Coupon: | 2.5%
|
| Price: | 99.825
|
| Yield: | 2.56%
|
| Spread: | Treasuries plus 150 bps
|
| Price guidance: | Treasuries plus 150 bps, tightened from Treasuries plus 165 bps area
|
|
|
| Three-year floaters
|
| Amount: | $350 million
|
| Maturity: | March 14, 2019
|
| Coupon: | Libor plus 148 bps
|
| Price: | Par
|
| Yield: | Libor plus 148 bps
|
| Price guidance: | Libor equivalent to three-year fixed-rate notes
|
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