By Cristal Cody
Chicago, Jan. 18 – BPCE SA sold $2.1 billion of notes across two tranches, according to a market source.
The company sold $1.5 billion of 5.975% senior non-preferred notes with a four-year tenor.
The notes priced with a 200 basis points spread to Treasuries. Initial talk was 30 bps higher, in the 230 bps area.
The notes have three years of call protection.
The second tranche in the deal was $600 million of 5.125% senior preferred notes with a five-year tenor.
Pricing on the tranche was Treasuries plus 145 bps. Initial price talk was 20 bps higher, in the 165 bps area.
Barclays, Citigroup, JPMorgan, Morgan Stanley, Natixis, RBC and TD Bank were bookrunners for the offering.
The financial services company is based in Paris.
| Issuer: | BPCE SA
|
| Amount: | $2.1 billion
|
| Issue: | Notes
|
| Bookrunners: | Barclays, Citigroup, JPMorgan, Morgan Stanley, Natixis, RBC and TD Bank
|
| Trade date: | Jan. 10
|
|
|
| Four-year notes
|
| Amount: | $1.5 billion
|
| Issue: | Senior non-preferred notes
|
| Maturity: | Jan. 18, 2027
|
| Coupon: | 5.975%
|
| Spread: | Treasuries plus 200 bps
|
| Call features: | Three years
|
| Price talk: | Treasuries plus 230 bps area
|
|
|
| Five-year notes
|
| Amount: | $600 million
|
| Issue: | Senior preferred notes
|
| Maturity: | Jan. 18, 2028
|
| Coupon: | 5.125%
|
| Spread: | Treasuries plus 145 bps
|
| Price talk: | Treasuries plus 165 bps area
|
|
|
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