Societe Generale plans to price 20-year callable CMS spread notes

By Angela McDaniels

Tacoma, Wash., Nov. 7 – Societe Generale plans to price callable CMS spread notes due Nov. 26, 2034 linked to the 30-year Constant Maturity Swap rate and the two-year CMS rate, according to a term sheet.

The interest rate will be 10.5% for one year. After that, the interest rate will be four times the spread of the 30-year CMS rate over the two-year CMS rate minus 25 basis points, subject to a minimum of zero and a maximum of 10.5% per year. Interest will be payable quarterly.

The payout at maturity will be par plus the final coupon, if any.

Beginning a year after issuance, the notes will be callable at par on any coupon payment date.

SG Americas Securities, LLC is the agent with Advisors Asset Management, Inc. as distributor.

The notes will price Nov. 21 and settle Nov. 26.

The Cusip number is 83368WXN6.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.