By Marisa Wong and Cristal Cody
Los Angeles, March 2 – Sumitomo Mitsui Trust Bank priced three tranches of notes totaling $2 billion on Wednesday, according to a market source.
The bank priced $500 million of three-year floating-rate notes at SOFR plus 112 basis points. Initial price talk was SOFR plus an equivalent spread to a fixed-rate tranche.
A $1 billion tranche of 5.65% notes due March 9, 2026 priced with a spread of 110 bps over Treasuries. Initial price talk was in the Treasuries plus 140 bps area and then revised to the Treasuries plus 135 bps area.
The third tranche comprises $500 million of 5.5% five-year green notes priced with a spread of 128 bps over Treasuries. Initial price talk was in the Treasuries plus 160 bps to 165 bps area and then revised to the Treasuries plus 155 bps area.
BofA Securities Inc., BNP Paribas Securities Corp., Credit Agricole CIB, Citigroup Global Markets Inc., Daiwa Securities America Inc. and Goldman Sachs & Co. LLC are the bookrunners.
The banking and financial company is based in Tokyo.
| Issuer: | Sumitomo Mitsui Trust Bank
|
| Amount: | $2 billion
|
| Issue: | Notes
|
| Bookrunners: | BofA Securities Inc., BNP Paribas Securities Corp., Credit Agricole CIB, Citigroup Global Markets Inc., Daiwa Securities America Inc. and Goldman Sachs & Co. LLC
|
| Trade date: | March 1
|
|
|
| 2026 floaters
|
| Amount: | $500 million
|
| Issue: | Floating-rate notes
|
| Maturity: | March 9, 2026
|
| Coupon: | SOFR plus 112 bps
|
| Initial price talk: | SOFR plus an equivalent spread
|
|
|
| 2026 fixed-rate notes
|
| Amount: | $1 billion
|
| Issue: | Fixed-rate notes
|
| Maturity: | March 9, 2026
|
| Coupon: | 5.65%
|
| Spread: | Treasuries plus 110 bps
|
| Initial price talk: | Treasuries plus 140 bps area, revised to Treasuries plus 135 bps area
|
|
|
| 2028 green notes
|
| Amount: | $500 million
|
| Issue: | Green notes
|
| Maturity: | March 9, 2028
|
| Coupon: | 5.5%
|
| Spread: | Treasuries plus 128 bps
|
| Initial price talk: | Treasuries plus 160 bps to 165 bps area, revised to Treasuries plus 155 bps area
|
|
|
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