By Rebecca Melvin
Concord, N.H., June 29 – Erste & Steiermarkische Bank d.d. (Erste Bank Croatia) priced €400 million ¾% senior preferreds due July 6, 2028 (expected rating: //BBB+) at 99.505 to yield 0.835%, or mid-swaps plus 100 basis points, according to a market source on Tuesday.
Pricing was at the tight end of mid-swaps plus 100 bps to 105 bps guidance and initial talk for a spread of mid-swaps plus 120 bps.
The securities are redeemable on July 6, 2027. If they are not redeemed, they will pay three-month Euribor plus the original 100 bps spread per year quarterly thereafter.
BofA Securities, Erste Group, LBBW and Societe Generale were the bookrunners for the Regulation S deal.
The bank is focused primarily on retail customers and small and mid-size companies and large corporations doing business in Croatia.
| Issuer: | Erste & Steiermarkische Bank d.d.
|
| Amount: | €400 million
|
| Maturity: | July 6, 2028
|
| Description: | Senior preferreds
|
| Bookrunners: | BofA Securities, Erste Group, LBBW and Societe Generale
|
| Coupon: | ¾%; converts to Euribor plus 100 bps if not redeemed on July 6, 2027
|
| Price: | 99.505
|
| Yield: | 0.835%
|
| Spread: | Mid-swaps plus 100 bps
|
| Call features: | On July 6, 2027
|
| Pricing date: | June 28
|
| Settlement date: | July 6
|
| Rating: | Fitch: BBB+
|
| Distribution: | Regulation S
|
| Price talk: | Guided to mid-swaps plus 100-105 bps, from initial price talk of mid-swaps plus 120 bps
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
