By Aleesia Forni
Virginia Beach, March 25 - Suncorp-Metway Ltd. sold $850 million of three-year notes in fixed- and floating-rate tranches on Tuesday, an informed source said.
A $350 million tranche of floating-rate notes sold at par to yield Libor plus 70 bps.
There was also $500 million of 1.7% three-year notes sold at 99.994 to yield 1.702%, or Treasuries plus 80 bps.
The notes sold tight of guidance.
The joint bookrunners for the Rule 144A and Regulation S deal were Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and RBC Capital Markets LLC.
Suncorp-Metway is a finance, insurance and banking group based in Brisbane, Australia.
| Issuer: | Suncorp-Metway Ltd.
|
| Issue: | Senior notes
|
| Amount: | $850 million
|
| Joint bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBC Capital Markets LLC
|
| Trade date: | March 25
|
| Settlement date: | March 28
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
|
|
| Floaters due 2017
|
| Amount: | $350 million
|
| Maturity: | March 28, 2017
|
| Coupon: | Libor plus 70 bps
|
| Price: | Par
|
| Yield: | Libor plus 70 bps
|
| Price talk: | Libor equivalent of fixed-rate notes
|
|
|
| Notes due 2017
|
| Amount: | $500 million
|
| Maturity: | March 28, 2017
|
| Coupon: | 1.7%
|
| Price: | 99.994
|
| Yield: | 1.702%
|
| Spread: | Treasuries plus 80 bps
|
| Price guidance: | Treasuries plus mid-80 bps area
|
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