By Aleesia Forni
Virginia Beach, March 12 – BP Capital Markets plc issued $2 billion of senior notes (A2/A/) on Thursday in tranches due 2020 and 2022, according to an informed source.
There was $1 billion of 3.062% notes sold at par with a spread of Treasuries plus 117 basis points.
The notes sold at the tight end of guidance set in the 120 bps area over Treasuries.
A second tranche was $1 billion of 3.506% notes priced at par, or Treasuries plus 142 bps.
Pricing was at the tight end of the 145 bps area over Treasuries guidance.
BofA Merrill Lynch, Barclays, HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC and UBS Securities LLC were the bookrunners.
The unit of oil company BP plc is based in London.
| Issuer: | BP Capital Markets plc
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| Issue: | Senior notes
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| Amount: | $2 billion
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| Bookrunners: | BofA Merrill Lynch, Barclays, HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, UBS Securities LLC
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| Trade date: | March 12
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| Ratings: | Moody’s: A2
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| Standard & Poor’s: A
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| Fitch:
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| Distribution: | SEC-registered
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| Seven-year notes
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| Amount: | $1 billion
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| Maturity: | March 17, 2020
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| Coupon: | 3.062%
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| Price: | Par
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| Yield: | 3.062%
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| Spread: | 117 bps
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| Price talk: | 120 bps area, tightened from 125 bps area
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| 10-year notes
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| Amount: | $1 billion
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| Maturity: | March 17, 2022
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| Coupon: | 3.506%
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| Price: | Par
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| Yield: | 3.506%
|
| Spread: | 142 bps
|
| Price talk: | 145 bps area, tightened from 150 bps area
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