New Issue: U.S. Bancorp sells $1.5 billion 1.45% five-year notes at 115 bps over Treasuries

By Cristal Cody

Tupelo, Miss., May 8 – U.S. Bancorp (A1/A+/AA-) priced $1.5 billion of 1.45% five-year senior notes (A1/A+/AA-) on Friday at 99.885 to yield 1.474%, or a spread of Treasuries plus 115 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.

The notes were talked at the 135 bps over Treasuries area.

U.S. Bancorp Investments, Inc., Barclays and Morgan Stanley & Co. LLC were the bookrunners.

Minneapolis-based U.S. Bancorp is a holding company and parent of U.S. Bank NA.

Issuer:	U.S. Bancorp
Amount:	$1.5 billion
Maturity:	May 12, 2025
Description:	Senior notes
Bookrunners:	U.S. Bancorp Investments, Inc., Barclays and Morgan Stanley & Co. LLC
Co-managers:	Academy Securities, Inc. and Siebert Williams Shank & Co., LLC
Coupon:	1.45%
Price:	99.885
Yield:	1.474%
Spread:	Treasuries plus 115 bps
Call feature:	On or after April 11, 2025 at par
Trade date:	May 8
Settlement date:	May 12
Ratings:	Moody’s: A1
	S&P: A+
	Fitch: AA-
Distribution:	SEC registered
Price guidance:	Treasuries plus 135 bps area

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