By Andrea Heisinger
New York, April 21 - Dexia Credit Local, New York branch sold $4.5 billion of four-year notes (Aa1/AA+/) in two tranches on Wednesday after the sale went overnight, an informed source said.
A $2.25 billion tranche of four-year floating-rate notes priced at par to yield three-month Libor plus 48 basis points.
A second $2.25 billion tranche of 2.75% four-year fixed-rate notes priced at par to yield 2.75% with a spread of Treasuries plus 114 bps.
Both tranches are non-callable.
The notes were priced under Rule 144A. They will be "the last government-guaranteed deal" backed by the governments of Belgium, France and Luxembourg, a source said Tuesday when the deal was announced.
Bank of America Merrill Lynch, Citigroup Global Markets, Deutsche Bank Securities and J.P. Morgan Securities ran the books.
The bank and financial services company is based in Brussels, Belgium.
| Issuer: | Dexia Credit Local, New York branch
|
| Issue: | Government-guaranteed senior notes
|
| Amount: | $4.5 billion
|
| Bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets, Deutsche Bank Securities, J.P. Morgan Securities
|
| Distribution: | Rule 144A
|
| Trade date: | April 21
|
| Settlement date: | April 29
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
|
|
| Four-year floaters
|
| Amount: | $2.25 billion
|
| Issue: | Floating-rate notes
|
| Maturity: | April 29, 2014
|
| Coupon: | Three-month Libor plus 48 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 48 bps
|
| Call: | Non-callable
|
|
|
| Four-year fixed-rate notes
|
| Amount: | $2.25 billion
|
| Issue: | Notes
|
| Maturity: | April 29, 2014
|
| Coupon: | 2.75%
|
| Price: | Par
|
| Yield: | 2.75%
|
| Spread: | Treasuries plus 114 bps
|
| Call: | Non-callable
|
| Price talk: | Mid-swaps plus 48 bps
|
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