By Cristal Cody
Tupelo, Miss., Oct. 2 – National Bank of Canada (A3/A/A+) priced an inaugural $750 million of 2.15% three-year bail-in sustainability bonds on Wednesday at a spread of 72 basis points over Treasuries, according to a market source.
Initial price talk was in the Treasuries plus 85 bps area.
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., TD Securities (USA) LLC and National Bank Financial Inc. were the bookrunners.
The deal is Rule 144A- and Regulation S-eligible.
The bank is based in Montreal.
| Issuer: | National Bank of Canada
|
| Amount: | $750 million
|
| Maturity: | Oct. 7, 2022
|
| Securities: | Bail-in sustainability bonds
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., TD Securities (USA) LLC and National Bank Financial Inc.
|
| Coupon: | 2.15%
|
| Spread: | Treasuries plus 72 bps
|
| Pricing date: | Oct. 2
|
| Ratings: | Moody’s: A3
|
| S&P: A
|
| Fitch: A+
|
| Distribution: | Rule 144A and Regulation S
|
| Price guidance: | Treasuries plus 75 bps area, plus or minus 3 bps; initial talk at Treasuries plus 85 bps area
|
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