By Cristal Cody
Tupelo, Miss., June 2 – Truist Financial Corp. priced $1.5 billion of senior notes (A3/A-/A+) in two parts on Tuesday, according to a market source and FWP filings with the Securities and Exchange Commission.
The company sold $750 million of 1.2% notes due Aug. 5, 2025 at 99.894 to yield 1.221%, or a spread of Treasuries plus 90 basis points.
The issue was talked to price at the 110 bps over Treasuries area.
Truist sold $750 million of 1.95% 10-year notes at 99.711 to yield 1.982%, or a 130 bps over Treasuries spread, versus talk at the 150 bps area.
SunTrust Robinson Humphrey, Inc., Citigroup Global Markets Inc. and RBC Capital Markets, LLC were the bookrunners.
Proceeds will be used for general corporate purposes.
Charlotte, N.C.-based Truist Financial is a bank holding company formed following the merger in 2019 of Branch Banking & Trust Co. and SunTrust Banks, Inc.
| Issuer: | Truist Financial Corp.
|
| Amount: | $1.5 billion
|
| Description: | Series G senior notes
|
| Bookrunners: | SunTrust Robinson Humphrey, Inc., Citigroup Global Markets Inc. and RBC Capital Markets, LLC
|
| Co-managers: | Drexel Hamilton, LLC and Samuel A. Ramirez & Co., Inc.
|
| Trade date: | June 2
|
| Settlement date: | June 5
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Fitch: A+
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $750 million
|
| Maturity: | Aug. 5, 2025
|
| Coupon: | 1.2%
|
| Price: | 99.894
|
| Yield: | 1.221%
|
| Spread: | Treasuries plus 90 bps
|
| Call feature: | On or after July 3, 2025 at par
|
| Price guidance: | Treasuries plus 110 bps area
|
|
|
| 10-year notes
|
| Amount: | $750 million
|
| Maturity: | June 5, 2030
|
| Coupon: | 1.95%
|
| Price: | 99.711
|
| Yield: | 1.982%
|
| Spread: | Treasuries plus 130 bps
|
| Call feature: | On or after March 5, 2030 at par
|
| Price guidance: | Treasuries plus 150 bps area
|
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