By Wendy Van Sickle
Columbus, Ohio, Oct. 28 – Fifth Third Bancorp priced $500 million of 1.707% green fixed-to-floating rate senior notes due 2027 (Baa1/BBB+/A-) at par on Thursday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 53 basis points over Treasuries.
Interest is fixed for five years, then floats at SOFR plus 68.5 basis points.
The notes may be called in whole at par on Nov. 1, 2026 or in whole or in part 30 days prior to maturity.
J.P. Morgan Securities LLC, Fifth Third Securities Inc. and Citigroup Global Markets Inc. are the bookrunners.
Proceeds will be used for eligible green projects.
Fifth Third is a Cincinnati-based diversified financial services company.
| Issuer: | Fifth Third Bancorp
|
| Amount: | $500 million
|
| Description: | Green fixed-to-floating rate senior notes
|
| Maturity: | Nov. 1, 2027
|
| Bookrunners: | J.P. Morgan Securities LLC, Fifth Third Securities Inc. and Citigroup Global Markets Inc.
|
| Co-managers: | Academy Securities, Inc., CastleOak Securities, LP, R. Seelaus & Co., LLC and Siebert Williams Shank & Co., LLC
|
| Coupon: | 1.707% for five years, then SOFR plus 68.5 bps
|
| Price: | Par
|
| Yield: | 1.707%
|
| Spread: | Treasuries plus 53 bps
|
| Call features: | In whole at par on Nov. 1, 2026 or in whole or in part 30 days prior to maturity
|
| Trade date: | Oct. 28
|
| Settlement date: | Nov. 1
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: A-
|
| Distribution: | SEC registered
|
| Cusip: | 316773DD9
|
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