By Cristal Cody
Tupelo, Miss., Oct. 24 – European Stability Mechanism (Aa1//AAA) priced a debut $3 billion offering of 2.125% five-year notes at mid-swaps plus 10 basis points and a yield of 2.201% on Tuesday, according to a market source and an agency press release.
The notes were initially talked to price in the mid-swaps plus 12 bps area.
The order book was in excess of $7.25 billion.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC were the bookrunners for the Rule 144A and Regulation S offering.
The ESM said it will run no currency risk from the deal because it plans to swap the proceeds back into euros.
European Stability Mechanism is an intergovernmental financial organization based in Luxembourg.
| Issuer: | European Stability Mechanism
|
| Amount: | $3 billion
|
| Description: | Notes
|
| Maturity: | Nov. 3, 2022
|
| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities
|
| Coupon: | 2.125%
|
| Yield: | 2.201%
|
| Spread: | Mid-swaps plus 10 bps
|
| Trade date: | Oct. 24
|
| Ratings: | Moody’s: Aa1
|
| Fitch: AAA
|
| Distribution: | Rule 144A, Regulation S
|
| Price talk: | Mid-swaps plus 12 bps area
|
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