Published on 3/1/2018 in the Prospect News Investment Grade Daily.
New Issue: Mizuho Financial sells $3 billion of senior notes in three tranches
By Cristal Cody
Tupelo, Miss., March 1 – Mizuho Financial Group, Inc. priced a $3 billion three-part offering of senior notes (A1/A-) on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The company priced $850 million of five-year floating-rate notes at par to yield Libor plus 79 basis points.
Mizuho sold $850 million of 3.549% five-year fixed-rate notes at par to yield Treasuries plus 90 bps.
The $1.3 billion tranche of 4.018% 10-year notes priced at par with a spread of 115 bps over Treasuries.
The notes are non-callable.
Mizuho Securities USA Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch and Citigroup Global Markets Inc. were the lead managers.
Proceeds will be used to extend loans to Mizuho Bank, which will use the proceeds of the loans for general corporate purposes.
Mizuho Financial Group is a Japanese bank holding company based in Tokyo.
| Issuer: | Mizuho Financial Group, Inc.
|
| Amount: | $3 billion
|
| Description: | Senior notes
|
| Bookrunners: | Mizuho Securities USA Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch and Citigroup Global Markets Inc.
|
| Co-managers: | HSBC Securities (USA) Inc., Natixis Securities Americas LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., BNY Mellon Capital Markets, LLC, Citizens Capital Markets, Inc., Credit Agricole CIB, Daiwa Capital Markets America Inc., Barclays, BNP Paribas Securities Corp., CIBC World Markets Corp., KKR Capital Markets LLC, Societe Generale and UBS Securities LLC
|
| Trade date: | Feb. 28
|
| Settlement date: | March 5
|
| Ratings: | Moody’s: A1
|
| S&P: A-
|
| Distribution: | SEC registered
|
|
|
| Five-year floaters
|
| Amount: | $850 million
|
| Maturity: | March 5, 2023
|
| Coupon: | Libor plus 79 bps
|
| Price: | Par
|
| Yield: | Libor plus 79 bps
|
|
|
| Five-year notes
|
| Amount: | $850 million
|
| Maturity: | March 5, 2023
|
| Coupon: | 3.549%
|
| Price: | Par
|
| Yield: | 3.549%
|
| Yield: | Treasuries plus 90 bps
|
|
|
| 10-year notes
|
| Amount: | $1.3 billion
|
| Maturity: | March 5, 2028
|
| Coupon: | 4.018%
|
| Price: | Par
|
| Yield: | 4.018%
|
| Spread: | Treasuries plus 115 bps
|
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