By Andrea Heisinger
New York, Feb. 22 - Sumitomo Mitsui Banking Corp. priced $1.5 billion of 4.85% 10-year subordinated notes (Aa3/A+/) on Wednesday to yield 285 basis points over Treasuries, a source away from the deal said.
The securities priced tighter than initial talk in the 300 bps area.
Full terms were not available at press time.
The sale was done under Rule 144A and Regulation S.
Bookrunners were Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co., SMBC Nikko Capital Markets Ltd. and UBS Securities LLC.
Sumitomo Mitsui Banking was last in the market with a $1.6 billion sale of notes in three tranches on Jan. 6.
The subsidiary of Sumitomo Mitsui Financial Group is based in Tokyo.
| Issuer: | Sumitomo Mitsui Banking Corp.
|
| Issue: | Subordinated notes
|
| Amount: | $1.5 billion
|
| Maturity: | 2022
|
| Bookrunners: | Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co., SMBC Nikko Capital Markets Ltd., UBS Securities LLC
|
| Coupon: | 4.85%
|
| Spread: | Treasuries plus 285 bps
|
| Distribution: | Rule 144A, Regulation S
|
| Trade date: | Feb. 22
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Price talk: | 300 bps area
|
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