By Aleesia Forni
Virginia Beach, Aug. 17 – Fifth Third Bank priced $1.25 billion of senior bank notes (A3/A-/A) on Monday in two parts, a market source said.
A $1 billion 2.15% three-year note priced at 99.983 to yield 2.156% with a spread of 110 basis points over Treasuries.
Pricing was at the tight end of guidance set in the Treasuries plus 115 bps area following talk in the range of Treasuries plus 120 bps to 125 bps.
Also, $250 million of three-year floating-rate notes sold at par to yield Libor plus 91 bps.
Guidance was at the fixed-rate tranche’s Libor equivalent.
The bookrunners are Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and Fifth Third.
Fifth Third is a Cincinnati-based financial services company.
| Issuer: | Fifth Third Bank
|
| Issue: | Senior bank notes
|
| Amount: | $1.25 billion
|
| Bookrunners: | Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Fifth Third
|
| Trade date: | Aug. 17
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: A-
|
| Fitch: A
|
|
|
| Three-year notes
|
| Amount: | $1 billion
|
| Maturity: | Aug. 20, 2018
|
| Coupon: | 2.15%
|
| Price: | 99.983
|
| Yield: | 2.156%
|
| Spread: | Treasuries plus 110 bps
|
| Price guidance: | Treasuries plus 115 bps area, tightened from Treasuries plus 120 bps to 125 bps
|
|
|
| Three-year floaters
|
| Amount: | $250 million
|
| Maturity: | Aug. 20, 2018
|
| Coupon: | Libor plus 91 bps
|
| Price: | Par
|
| Yield: | Libor plus 91 bps
|
| Price guidance: | Libor equivalent to fixed-rate notes
|
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