By Andrea Heisinger
New York, Feb. 25 - Fifth Third Bancorp on Monday sold $1.3 billion of notes (A3/BBB+/A-) in two maturities, a source close to the trade said.
A $300 million tranche of three-year floating-rate notes was added prior to the launch and priced at par to yield Libor plus 41 basis points.
There was $400 million of 0.9% three-year notes priced at 99.982 to yield 0.906% with a spread of Treasuries plus 55 bps.
A $600 million tranche of 1.45% five-year notes sold at 99.818 to yield 1.488% with a spread of 73 bps over Treasuries.
None of the notes have a call option.
Barclays, Deutsche Bank Securities Inc. and Goldman Sachs & Co. were the bookrunners.
Fifth Third, a regional bank based in Cincinnati, was last in the U.S. bond market with a $500 million sale of 10-year notes on March 2, 2012.
| Issuer: | Fifth Third Bancorp
|
| Issue: | Notes
|
| Amount: | $1.3 billion
|
| Bookrunners: | Barclays, Deutsche Bank Securities Inc., Goldman Sachs & Co.
|
| Trade date: | Feb. 25
|
| Settlement date: | Feb. 28
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
| Fitch: A-
|
|
|
| Three-year floaters
|
| Amount: | $300 million
|
| Maturity: | Feb. 26, 2016
|
| Coupon: | Libor plus 41 bps
|
| Price: | Par
|
| Yield: | Libor plus 41 bps
|
| Call: | Non-callable
|
|
|
| Three-year fixed-rate notes
|
| Amount: | $400 million
|
| Maturity: | Feb. 26, 2016
|
| Coupon: | 0.9%
|
| Price: | 99.982
|
| Yield: | 0.906%
|
| Spread: | Treasuries plus 55 bps
|
| Call: | Non-callable
|
|
|
| Five-year notes
|
| Amount: | $600 million
|
| Maturity: | Feb. 28, 2018
|
| Coupon: | 1.45%
|
| Price: | 99.818
|
| Yield: | 1.488%
|
| Spread: | Treasuries plus 73 bps
|
| Call: | Non-callable
|
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