By Christine Van Dusen
Atlanta, March 4 - China's AIA Group Ltd. priced a combined $1 billion of five- and 30-year notes (expected ratings: A3/A/) on Tuesday in two equal tranches, a syndicate source said.
The deal included $500 million 2¼% notes due 2019 that priced at 99.634 to yield 2.328%, or Treasuries plus 80 basis points.
The second tranche totaled $500 million 4 7/8% notes due 2044 that priced at 98.45 to yield 4.975%, or Treasuries plus 135 bps.
Citigroup, Deutsche Bank, HSBC and Morgan Stanley were the bookrunners for the Rule 144A and Regulation S deal.
AIA is a pan-Asian life insurance group based in Hong Kong.
| Issuer: | AIA Group Ltd.
|
| Amount: | $1 billion
|
| Description: | Notes
|
| Bookrunners: | Citigroup, Deutsche Bank, HSBC, Morgan Stanley
|
| Trade date: | March 4
|
| Settlement date: | March 11
|
| Expected ratings: | Moody's: A3
|
| Standard & Poor's: A
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | March 11, 2019
|
| Coupon: | 2¼%
|
| Price: | 99.634
|
| Yield: | 2.328%
|
| Spread: | Treasuries plus 80 bps
|
|
|
| 30-year notes
|
| Amount: | $500 million
|
| Maturity: | March 11, 2044
|
| Coupon: | 4 7/8%
|
| Price: | 98.45
|
| Yield: | 4.975%
|
| Spread: | Treasuries plus 135 bps
|
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