By Aleesia Forni
Virginia Beach, Feb. 17– Sumitomo Mitsui Banking Corp. priced $1.25 billion of notes (A1/A+/) in two tranches on Tuesday, according to a market source.
The offering included a $500 million add-on to the company’s existing floating-rate notes due Jan. 16, 2018, which priced at 100.239 to yield Libor plus 50 basis points.
Pricing was at the tight end of talk.
The notes carry a coupon of Libor plus 58 bps.
The original $500 million of notes sold at par on Jan. 8.
There was also a $750 million add-on to its 2.45% notes due Jan. 16, 2020 priced at 98.802 to yield 2.493% with a spread of 88 bps over Treasuries.
The notes sold at the tight end of price talk.
The original $1 billion issue sold at 100 bps over Treasuries on Jan. 8.
Bookrunners were Barclays, SMBC Nikko, Citigroup Global Markets Inc., Goldman Sachs & Co. and J.P. Morgan Securities LLC.
Sumitomo Mitsui is a Tokyo-based financial services company.
| Issuer: | Sumitomo Mitsui Banking Corp.
|
| Issue: | Notes
|
| Amount: | $1.25 billion
|
| Bookrunners: | Barclays, SMBC Nikko, Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC
|
| Trade date: | Feb. 17
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A+
|
|
|
| Add-on to floaters due 2018
|
| Amount: | $500 million
|
| Maturity: | Jan. 16, 2018
|
| Coupon: | Libor plus 58 bps
|
| Price: | 100.239
|
| Yield: | Libor plus 50 bps
|
| Price talk: | Libor plus 50 bps to 53 bps, tightened from Libor plus 55 bps to 58 bps
|
| Total issue size: | $1 billion, including $500 million priced at par on Jan. 8
|
|
|
| Add-on to notes due 2020
|
| Amount: | $750 million
|
| Maturity: | Jan. 16, 2020
|
| Coupon: | 2.45%
|
| Price: | 98.802
|
| Yield: | 2.493%
|
| Spread: | 88 bps
|
| Price talk: | 90 bps area, tightened from 95 bps area
|
| Total issue size: | $1.75 billion, including $1 billion priced at 100 bps over Treasuries on Jan. 8
|
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