New Issue: Tokyo Metropolitan sells $500 million 3.25% five-year notes at 42 bps over mid-swaps

By Cristal Cody

Tupelo, Miss., May 24 – The Tokyo Metropolitan Government (A+) priced $500 million of 3.25% five-year senior notes on Thursday at mid-swaps plus 42 basis points, or a spread of Treasuries plus 52.25 bps, according to a market source.

The notes were initially talked to price in the mid-swaps plus 45 bps area with guidance later tightened to the mid-swaps plus 44 bps area.

Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Nomura Securities International, Inc. were the bookrunners.

Tokyo Metropolitan Government is the government of the Tokyo Metropolis in Japan with headquarters based in Shinjuku-ku, Tokyo.

Issuer:	Tokyo Metropolitan Government
Amount:	$500 million
Description:	Senior notes
Maturity:	June 1, 2023
Bookrunners:	Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Nomura Securities International, Inc.
Coupon:	3.25%
Spread:	Mid-swaps plus 42 bps, or Treasuries plus 52.25 bps
Trade date:	May 24
Ratings:	S&P: A+
Distribution:	Rule 144A, Regulation S
Price talk:	Initial price talk at mid-swaps plus 45 bps area, later firmed to mid-swaps plus 44 bps area

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.