By Cristal Cody
Chicago, July 12 – BPCE SA sold $1.75 billion of senior preferred notes in two parts on Monday, a market source told Prospect News.
The company sold a $750 million tranche of 4.75% five-year notes at a 177 basis points spread to Treasuries after talk had the notes coming in the 190 bps area.
Also priced on Monday, the deal includes $1 billion of 5.748% 11-year fixed-to-floating-rate notes. Pricing with a 277 bps spread over Treasuries, the notes had been talked in the 295 bps area.
On the second tranche, the interest rate resets to SOFR plus 286.5 bps and the notes have 10 years of call protection.
BofA, Citigroup, JPMorgan, Morgan Stanley, Natixis, TD Bank and Wells Fargo Securities worked as bookrunners.
The financial services company is based in Paris.
| Issuer: | BPCE SA
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| Amount: | $1.75 billion
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| Issue: | Senior preferred notes
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| Bookrunners: | BofA, Citigroup, JPMorgan, Morgan Stanley, Natixis, TD Bank and Wells Fargo Securities
|
| Trade date: | July 12
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|
| Five-year notes
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| Amount: | $750 million
|
| Maturity: | July 19, 2027
|
| Coupon: | 4.75%
|
| Spread: | Treasuries plus 177 bps
|
| Price talk: | Treasuries plus 190 bps area
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|
|
| 11-year notes
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| Amount: | $1 billion
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| Issue: | Fixed-to-floating-rate senior preferred notes
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| Maturity: | July 19, 2033
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| Coupon: | 5.748%, resets to SOFR plus 286.5 bps
|
| Spread: | Treasuries plus 277 bps
|
| Call features: | 10 years of call protection
|
| Price talk: | Treasuries plus 295 bps area
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