New Issue: Charles Schwab prices $600 million 3.25% 10-year notes at 87.5 bps over Treasuries

By Cristal Cody

Tupelo, Miss., May 20 – Charles Schwab Corp. sold $600 million of 3.25% 10-year senior notes (A2/A/A) on Monday at a spread of 87.5 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.

Price guidance was in the Treasuries plus 87.5 bps area, plus or minus 2.5 bps.

The notes priced at 99.653 to yield 3.291%.

Credit Suisse Securities (USA) LLC, BofA Securities Inc. and Citigroup Global Markets Inc. were the bookrunners.

Proceeds will be used for general corporate purposes.

Charles Schwab is a brokerage and financial services company based in San Francisco.

Issuer:	Charles Schwab Corp.
Amount:	$600 million
Description:	Senior notes
Maturity:	May 22, 2029
Bookrunners:	Credit Suisse Securities (USA) LLC, BofA Securities Inc. and Citigroup Global Markets Inc.
Senior co-managers:	Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC
Co-managers:	HSBC Securities (USA) Inc., Lloyds Securities Inc., PNC Capital Markets LLC and U.S. Bancorp Investments, Inc.
Coupon:	3.55%
Price:	99.653
Yield:	3.291%
Spread:	Treasuries plus 87.5 bps
Call features:	Make-whole call on or after Nov. 22 and before Feb. 22, 2029 at price equal to greater of par or Treasuries plus 15 bps; thereafter at par
Trade date:	May 20
Settlement date:	May 22
Ratings:	Moody’s: A2
	S&P: A
	Fitch: A
Distribution:	SEC registered
Price guidance:	Treasuries plus 87.5 bps area, plus or minus 2.5 bps; initial talk at Treasuries plus 100 bps area

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