Published on 1/23/2024 in the Prospect News Investment Grade Daily.
New Issue: EBRD details $2.5 billion sale of 4.125% five-year notes at 99.893
By William Gullotti
Buffalo, N.Y., Jan. 23 – European Bank for Reconstruction and Development detailed its Jan. 18 pricing of $2.5 billion 4.125% five-year global notes at SOFR mid-swaps plus 39 basis points or, alternatively, Treasuries plus 13.2 bps in a filing with the Securities and Exchange Commission.
As previously reported, initial price talk was in the SOFR mid-swaps plus 42 bps area. Guidance firmed 2 bps to the SOFR mid-swaps 40 bps area.
At 99.893, the notes are priced to yield 4.149%.
Barclays Bank plc, Deutsche Bank AG, London Branch, Morgan Stanley & Co. International plc and Bank of Nova Scotia, London Branch are the joint lead managers.
Bank of Montreal, London Branch, BNP Paribas, Goldman Sachs International, HSBC Bank plc, NatWest Markets plc, Nomura International plc, RBC Capital Markets, LLC, Standard Chartered Bank, Toronto-Dominion Bank and Wells Fargo Securities, LLC are listed as co-lead managers.
Listing for the notes on the London Stock Exchange’s regulated market is expected Jan. 25.
The financial institution is based in London.
| Issuer: | European Bank for Reconstruction and Development
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| Amount: | $2.5 billion
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| Issue: | Notes
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| Maturity: | Jan. 25, 2029
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| Lead managers: | Barclays Bank plc, Deutsche Bank AG, London Branch, Morgan Stanley & Co. International plc and Bank of Nova Scotia, London Branch
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| Co-lead managers: | Bank of Montreal, London Branch, BNP Paribas, Goldman Sachs International, HSBC Bank plc, NatWest Markets plc, Nomura International plc, RBC Capital Markets, LLC, Standard Chartered Bank, Toronto-Dominion Bank and Wells Fargo Securities, LLC
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| Coupon: | 4.125%
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| Price: | 99.893
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| Yield: | 4.149%
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| Spread: | SOFR mid-swaps plus 39 bps, or Treasuries plus 13.2 bps
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| Pricing date: | Jan. 18
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| Issue date: | Jan. 25
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| Listing date: | Jan. 25
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| Cusip: | 29874QFA7
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| Price talk: | SOFR mid-swaps plus 42 bps area; guidance SOFR mid-swaps plus 40 bps area
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