By Cristal Cody
Tupelo, Miss., April 4 – AIB Group plc (Baa3/BBB-/BBB-) priced $1 billion of 4.263% fixed-to-floating-rate notes due April 10, 2025 at a spread of 195 basis points over Treasuries, according to a market source.
Price guidance was in the Treasuries plus 200 bps area, plus or minus 5 bps.
After the initial fixed-rate period, the notes will convert to a floating rate of Libor plus 187.4 bps.
BofA Merrill Lynch, Barclays, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the bookrunners of the Rule 144A and Regulation S offering.
AIB Group is a banking and financial services company based in Dublin.
| Issuer: | AIB Group plc
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| Amount: | $1 billion
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| Description: | Fixed-to-floating-rate notes
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| Maturity: | April 10, 2025
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| Bookrunners: | BofA Merrill Lynch, Barclays, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
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| Coupon: | 4.263%; resets to Libor plus 187.4 bps after initial fixed-rate period
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| Spread: | Treasuries plus 195 bps
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| Trade date: | April 3
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| Ratings: | Moody’s: Baa3
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| S&P: BBB-
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| Fitch: BBB-
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| Distribution: | Rule 144A, Regulation S
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| Price guidance: | Treasuries plus 200 bps area, plus or minus 5 bps; initial talk at Treasuries plus 215 bps area
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