By Devika Patel and Cristal Cody
Knoxville, Tenn., Jan. 22 – European Bank for Reconstruction and Development (Aaa/AAA/AAA) priced $2 billion of 0.5% five-year global Covid-19 notes at 3 basis points over mid-swaps, or Treasuries plus 11.2 bps, on Thursday, according to a market source.
Pricing was tighter than initial price talk in the mid-swaps plus 5 bps area guidance in the mid-swaps plus 4 bps area.
BMO Capital Markets Corp., Barclays, Goldman Sachs & Co. LLC and TD Securities (USA) LLC are the bookrunners.
The financial institution is based in London.
| Issuer: | European Bank for Reconstruction and Development
|
| Description: | Global Covid-19 notes
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| Amount: | $2 billion
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| Maturity: | Jan. 28, 2026
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| Bookrunners: | BMO Capital Markets Corp., Barclays, Goldman Sachs & Co. LLC and TD Securities (USA) LLC
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| Coupon: | 0.5%
|
| Spread: | Mid-swaps plus 3 bps or Treasuries plus 11.2 bps
|
| Trade date: | Jan. 21
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| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Fitch: AAA
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| Talk: | Mid-swaps plus 5 bps area and guidance of mid-swaps plus 4 bps area
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