By Cristal Cody
Tupelo, Miss., May 16 – ASB Bank Ltd. (A1/AA-/AA-) sold $500 million of 3.125% five-year notes at a spread of 100 basis points over Treasuries on Thursday, according to a market source.
The notes priced on the tight side of guidance in the Treasuries plus 105 bps area.
Commonwealth Bank of Australia, Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC were the bookrunners of the Rule 144A and Regulation S offering.
ASB Bank is an Auckland, New Zealand-based subsidiary of the Commonwealth Bank of Australia.
| Issuer: | ASB Bank Ltd.
|
| Amount: | $500 million
|
| Description: | Notes
|
| Maturity: | May 23, 2024
|
| Bookrunners: | Commonwealth Bank of Australia, Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC
|
| Coupon: | 3.125%
|
| Spread: | Treasuries plus 100 bps
|
| Trade date: | May 16
|
| Ratings: | Moody’s: A1
|
| S&P: AA-
|
| Fitch: AA-
|
| Distribution: | Rule 144A and Regulation S
|
| Price guidance: | Treasuries plus 105 bps area, plus or minus 5 bps; initial talk at Treasuries plus 115 bps area
|
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