By Andrea Heisinger
New York, July 11 - Sumitomo Mitsui Banking Corp. sold $2 billion of notes (Aa2/A+/) in four tranches, a source close to the trade said Thursday.
The trade includes $500 million of 1.45% three-year notes sold at 99.977 to yield 1.458% with a spread of Treasuries plus 85 basis points. Initial talk was in the 95 bps area.
There was also $300 million of three-year floating-rate notes priced at par to yield Libor plus 67 bps. Initial guidance was at the Libor equivalent of the three-year fixed-rate notes.
A $500 million tranche of 2.5% five-year notes priced at 99.836 to yield 2.536% with a spread of 115 bps over Treasuries. Whispers were in the 130 bps area.
Finally, there was $700 million of 3.95% 10-year notes sold at 99.869 to yield 3.966% with a spread of Treasuries plus 140 bps. Initial guidance was in the 150 bps area.
All of the notes are non-callable.
Bookrunners were BofA Merrill Lynch, Citigroup Global Markets Inc. and Goldman Sachs & Co.
The Tokyo-based financial services company was last in the U.S. bond market with a $650 million offering of 1.8% five-year notes priced at 105 bps over Treasuries.
| Issuer: | Sumitomo Mitsui Banking Corp.
|
| Issue: | Notes
|
| Amount: | $2 billion
|
| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co.
|
| Trade date: | July 11
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: A+
|
|
|
| Three-year floaters
|
| Amount: | $300 million
|
| Maturity: | July 19, 2016
|
| Coupon: | Libor plus 67 bps
|
| Price: | Par
|
| Yield: | Libor plus 67 bps
|
| Call: | Non-callable
|
| Price talk: | Libor equivalent to three-year fixed (initial)
|
|
|
| Three-year fixed-rate notes
|
| Amount: | $500 million
|
| Maturity: | July 19, 2016
|
| Coupon: | 1.45%
|
| Price: | 99.977
|
| Yield: | 1.458%
|
| Spread: | Treasuries plus 85 bps
|
| Call: | Non-callable
|
| Price talk: | 95 bps area
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | July 19, 2018
|
| Coupon: | 2.5%
|
| Price: | 99.836
|
| Yield: | 2.536%
|
| Spread: | Treasuries plus 115 bps
|
| Call: | Non-callable
|
| Price talk: | 130 bps area
|
|
|
| 10-year notes
|
| Amount: | $700 million
|
| Maturity: | July 19, 2023
|
| Coupon: | 3.95%
|
| Price: | 99.869
|
| Yield: | 3.966%
|
| Spread: | Treasuries plus 140 bps
|
| Call: | Non-callable
|
| Price talk: | 150 bps area
|
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