New Issue: KeyBank prices $600 million 2.4% five-year senior bank notes at 70 bps over Treasuries

By Cristal Cody

Tupelo, Miss., June 6 – KeyBank NA priced $600 million of 2.4% five-year senior bank notes (A3/A-/A-) on Tuesday at a spread of 70 basis points over Treasuries, on the tight side of guidance, according to a market source.

The company dropped an earlier planned five-year floating-rate tranche from the final deal.

Goldman Sachs & Co., J.P. Morgan Securities LLC, KeyBank Capital Markets Inc. and Morgan Stanley & Co. LLC were the lead managers.

KeyBank is a Cleveland-based regional bank.

Issuer:	KeyBank NA
Amount:	$600 million
Description:	Senior bank notes
Maturity:	June 9, 2022
Bookrunners:	Goldman Sachs & Co., J.P. Morgan Securities LLC, KeyBank Capital Markets Inc. and Morgan Stanley & Co. LLC
Coupon:	2.4%
Spread:	Treasuries plus 70 bps
Trade date:	June 6
Ratings:	Moody’s: A3
	S&P: A-
	Fitch: A-
Price guidance:	Treasuries plus 72 bps area, plus or minus 2 bps

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