By William Gullotti and Cristal Cody
Buffalo, N.Y., Sept. 8 – The European Stability Mechanism sold $3 billion of 4.75% three-year senior notes on Thursday at SOFR mid-swaps plus 28 basis points, or a Treasuries plus 10.8 bps spread, according to a market source.
The notes were initially talked to price with a spread in the mid-swaps plus 30 bps area.
BofA Securities, Inc., Credit Agricole CIB and TD Global Finance are the bookrunners for the Rule 144A and Regulation S deal.
The European Stability Mechanism is a Luxembourg-based intergovernmental organization that provides financial assistance to member states.
| Issuer: | European Stability Mechanism
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| Amount: | $3 billion
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| Issue: | Senior notes
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| Maturity: | Sept. 14, 2026
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| Bookrunners: | BofA Securities, Inc., Credit Agricole CIB and TD Global Finance
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| Coupon: | 4.75%
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| Price: | 99.793
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| Spread: | SOFR mid-swaps plus 28 bps, or Treasuries plus 10.8 bps
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| Trade date: | Sept. 7
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | Mid-swaps plus 30 bps area
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