By Andrea Heisinger
New York, March 27 - UBS AG, London branch, priced $2 billion of 2.25% five-year covered bonds on Tuesday at a spread of mid-swaps plus 105 basis points, or Treasuries plus 128 bps, a source who worked on the deal said.
The deal sold in line with talk in the 105 bps over mid-swaps area, the source said.
The notes (Aaa//AAA) were priced at 99.774 to yield 2.298%. There is no call option.
The deal was done under Rule 144A and Regulation S and was announced late on Monday.
CIBC World Markets Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and UBS Securities LLC were the bookrunners.
UBS sold $1.5 billion of three-year covered bonds on Jan. 19.
The unit of the financial services company is based in Basel and Zurich, Switzerland.
| Issuer: | UBS AG, London branch
|
| Issue: | Covered bonds
|
| Amount: | $2 billion
|
| Maturity: | March 30, 2017
|
| Bookrunners: | CIBC World Markets Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, UBS Securities LLC
|
| Coupon: | 2.25%
|
| Price: | 99.774
|
| Yield: | 2.298%
|
| Spread: | Mid-swaps plus 105 bps, Treasuries plus 128 bps
|
| Call: | Non-callable
|
| Distribution: | Rule 144A, Regulation S
|
| Trade date: | March 27
|
| Settlement date: | March 30
|
| Ratings: | Moody's: Aaa
|
| Fitch: AAA
|
| Price talk: | Mid-swaps plus 105 bps area
|
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