By Cristal Cody
Chicago, June 8 – ASB Bank Ltd. priced $600 million of 5.284% subordinated notes with a 10-year tenor on Wednesday, according to a market source.
Spread pricing came at 225 basis points over Treasuries versus talk in the 250 bps area.
The notes will come with five years of call protection.
Commonwealth Bank of Australia, Barclays, Citigroup and HSBC are listed as bookrunners.
ASB Bank is an Auckland, New Zealand subsidiary of the Commonwealth Bank of Australia.
| Issuer: | ASB Bank Ltd.
|
| Amount: | $600 million
|
| Issue: | Subordinated notes
|
| Maturity: | June 17, 2032
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| Bookrunners: | Commonwealth Bank of Australia, Barclays, Citigroup and HSBC
|
| Coupon: | 5.284%
|
| Spread: | Treasuries plus 225 bps
|
| Call features: | Five years
|
| Trade date: | June 8
|
| Price talk: | Treasuries plus 250 bps area
|
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