By Cristal Cody
Tupelo, Miss., Oct. 16 – The European Stability Mechanism (Aa1//AAA) priced $3 billion of 3% two-year senior notes at mid-swaps flat, or a Treasuries plus 20.1 basis points, on Tuesday, according to a market source.
The notes due Oct. 23, 2020 were initially talked to price with a spread in the mid-swaps plus 1 bp area.
BofA Merrill Lynch, Barclays and Citigroup Global Markets Ltd. were the bookrunners for the Rule 144A and Regulation S transaction.
The European Stability Mechanism is a Luxembourg-based intergovernmental organization that provides financial assistance to member states.
| Issuer: | European Stability Mechanism
|
| Amount: | $3 billion
|
| Description: | Senior notes
|
| Maturity: | Oct. 23, 2020
|
| Bookrunners: | BofA Merrill Lynch, Barclays and Citigroup Global Markets Ltd.
|
| Coupon: | 3%
|
| Spread: | Mid-swaps flat, or Treasuries plus 20.1 bps
|
| Trade date: | Oct. 16
|
| Ratings: | Moody’s: Aa1
|
| Fitch: AAA
|
| Distribution: | Rule 144A, Regulation S
|
| Price talk: | Mid-swaps plus 1 bp area
|
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