New Issue: Dexia sells $1.5 billion 3.25% five-year guaranteed notes at mid-swaps plus 31 bps

By Cristal Cody

Tupelo, Miss., Sept. 19 – Dexia Credit Local SA (Aa3/AA/BBB+) priced $1.5 billion of 3.25% five-year guaranteed notes on Tuesday at a spread of mid-swaps plus 31 basis points, or 43 bps over Treasuries, according to a market source.

Deutsche Bank Securities Inc. was the stabilization manager. Bookrunners were Deutsche, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC.

The notes are guaranteed by Belgium, France and Luxembourg.

The Brussels, Belgium-based regional bank focuses on sustainable development.

Issuer:	Dexia Credit Local SA
Guarantors:	Belgium, France and Luxembourg
Amount:	$1.5 billion
Description:	Notes
Maturity:	Sept. 26, 2023
Bookrunners:	Deutsche Bank Securities Inc. (stabilization manager); Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC (lead)
Coupon:	3.25%
Spread:	Mid-swaps plus 31 bps, or Treasuries plus 43 bps
Trade date:	Sept. 18
Ratings:	Moody’s: Aa3
	S&P: AA
	Fitch: BBB+
Distribution:	Rule 144A, Regulation S

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