By Aleesia Forni
Virginia Beach, Jan. 28 - M&T Bank Corp. priced a $1.5 billion issue of senior notes on Monday (A2/A-/A-) in three tranches, according to an informed source.
The bank priced $250 million of floating-rate notes due 2017 at par to yield Libor plus 37.5 basis points.
A second tranche was $500 million of 1.25% three-year notes with a spread of Treasuries plus 50 bps, or 99.991 to yield 1.253%.
There was also $750 million of 2.3% notes due 2019 at 75 bps over Treasuries. Pricing was at 99.831 to yield 2.336%.
Both fixed-rate tranches priced at the tight end of talk.
Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC were the joint bookrunners.
The bank is based in Buffalo, N.Y.
| Issuer: | M&T Bank Corp.
|
| Issue: | Senior notes
|
| Amount: | $1.5 billion
|
| Joint bookrunners: | Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC
|
| Trade date: | Jan. 27
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A-
|
|
|
| Floaters due 2017
|
| Amount: | $250 million
|
| Maturity: | 2017
|
| Coupon: | Libor plus 37.5 bps
|
| Price: | Par
|
| Yield: | Libor plus 37.5 bps
|
|
|
| Fixed-rate notes due 2017
|
| Amount: | $500 million
|
| Maturity: | 2017
|
| Coupon: | 1.25%
|
| Price: | 99.991
|
| Yield: | 1.253%
|
| Spread: | Treasuries plus 50 bps
|
| Price talk: | Treasuries plus 55 bps area
|
|
|
| Notes due 2019
|
| Amount: | $750 million
|
| Maturity: | 2019
|
| Coupon: | 2.3%
|
| Price: | 99.831
|
| Yield: | 2.336%
|
| Spread: | Treasuries plus 75 bps
|
| Price talk: | Treasuries plus 80 bps area
|
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