By Cristal Cody
Eureka Springs, Ark., Aug. 10 – FMS Wertmanagement sold $2 billion of 1% three-year senior notes at 99.677 to yield 1.11% on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The notes (Aaa/AAA/AAA) priced with a spread of 8 basis points over mid-swaps or 29.7 bps over Treasuries.
The bookrunners were Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch and RBC Capital Markets, LLC.
Proceeds will be used to refinance existing liabilities in order to replace maturing, short-term money market instruments with long-term funding. Any remaining proceeds will be for general corporate purposes.
Munchen, Germany-based FMS Wertmanagement is a German state-owned wind down agency.
| Issuer: | FMS Wertmanagement
|
| Amount: | $2 billion
|
| Description: | Senior notes
|
| Maturity: | Aug. 16, 2019
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, RBC Capital Markets, LLC
|
| Coupon: | 1%
|
| Price: | 99.677
|
| Yield: | 1.11%
|
| Spread: | Mid-swaps plus 8 bps, or Treasuries plus 29.7 bps
|
| Trade date: | Aug. 10
|
| Settlement date: | Aug. 17
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Fitch: AAA
|
| Distribution: | SEC registered
|
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