By Cristal Cody
Tupelo, Miss., Dec. 8 – KeyBank NA priced $1.1 billion of senior notes (A3/A-/A-) in two tranches on Monday, according to a market source.
A $350 million tranche of floating-rate notes due Jan. 3, 2024 priced at SOFR plus 34 basis points.
The floaters were initially talked to price in the SOFR plus 51 bps area with guidance tightened to the SOFR plus 36 bps area, plus or minus 2 bps.
KeyBank sold $750 million of 0.423% fixed-to-floating rate notes due Jan. 3, 2024 at a spread of Treasuries plus 28 bps.
Initial price talk was in the Treasuries plus 45 bps area with guidance at the 30 bps area, plus or minus 2 bps.
The rate will reset to a floating rate after the fixed-rate period.
Goldman, Sachs & Co. LLC, J.P. Morgan Securities LLC, KeyBank Capital Markets Inc. and RBC Capital Markets, LLC were the lead managers.
KeyBank is a Cleveland-based regional bank.
| Issuer: | KeyBank NA
|
| Amount: | $1.1 billion
|
| Description: | Senior notes
|
| Bookrunners: | Goldman, Sachs & Co. LLC, J.P. Morgan Securities LLC, KeyBank Capital Markets Inc. and RBC Capital Markets, LLC
|
| Trade date: | Dec. 7
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Fitch: A-
|
|
|
| Floaters due 2024
|
| Amount: | $350 million
|
| Description: | Floating-rate notes
|
| Maturity: | Jan. 3, 2024
|
| Coupon: | SOFR plus 34 bps
|
| Price guidance: | SOFR plus 36 bps area, plus or minus 2 bps; initial talk at SOFR plus 51 bps area
|
|
|
| Notes due 2024
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| Amount: | $750 million
|
| Description: | Fixed-to-floating rate notes
|
| Maturity: | Jan. 3, 2024
|
| Coupon: | 0.423%; resets to floating rate after fixed-rate period
|
| Spread: | Treasuries plus 28 bps
|
| Price guidance: | Treasuries plus 30 bps area, plus or minus 2 bps; initial talk at Treasuries plus 45 bps area
|
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