Sweden's Castellum sets yield on €1 billion perpetual non-call-five hybrids at 3 1/8%

By Paul A. Harris

Portland, Ore., Aug. 25 – Castellum AB set the yield on its €1 billion offering of perpetual non-call-5.5-year hybrid subordinated notes at 3 1/8%, tight to guidance of 3 1/8% to 3¼%, according to a London-based sellside source.

Initial price talk was 3 3/8% to 3½%.

BNP Paribas, JPMorgan and Nordea are the leads.

Moody's Investors Service assigns its Ba1 rating to the hybrids, two notches below the company's Baa2 senior unsecured bond rating.

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