Published on 9/14/2020 in the Prospect News Investment Grade Daily.
New Issue: Chubb INA prices $1 billion of 1.375% 10-year guaranteed notes at 73 bps spread
By Cristal Cody
Tupelo, Miss., Sept. 14 – Chubb INA Holdings Inc. priced $1 billion of 1.375% 10-year guaranteed senior notes (A3/A/A) on Monday at a spread of Treasuries plus 73 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes were talked at the 100 bps spread area.
The issue priced at 99.777 to yield 1.399%.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Securities Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC were the bookrunners.
The notes will be guaranteed by parent Chubb Ltd.
Proceeds will be used to repay at maturity the company’s $1 billion of outstanding 2.875% senior notes due Nov. 3, 2022.
Chubb INA is a Philadelphia-based holding company for Chubb, a property and casualty insurance company based in Zurich.
| Issuer: | Chubb INA Holdings Inc.
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| Guarantor: | Chubb Ltd.
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| Amount: | $1 billion
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| Description: | Senior notes
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| Maturity: | Sept. 15, 2030
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| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Securities Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC
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| Co-managers: | ANZ Securities, Inc., MUFG, Barclays, Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., RBC Capital Markets, LLC, BNY Mellon Capital Markets, LLC, Scotia Capital (USA) Inc. and Standard Chartered Bank
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| Coupon: | 1.375%
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| Price: | 99.777
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| Yield: | 1.399%
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| Spread: | Treasuries plus 73 bps
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| Call features: | Make-whole call before June 15, 2030 at Treasuries plus 15 bps; thereafter at par
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| Trade date: | Sept. 14
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| Settlement date: | Sept. 17
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| Ratings: | Moody’s: A3
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| S&P: A
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| Fitch: A
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| Distribution: | SEC registered
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| Price guidance: | Treasuries plus 100 bps area
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