By Aleesia Forni
Virginia Beach, April 22 - Fifth Third Bancorp priced $1.5 billion of senior notes (A3/A-/A) on Tuesday in tranches due 2017 and 2019, according to a market source.
The sale included $650 million of 1.35% three-year notes, which priced at 99.954 to yield 1.365%, or Treasuries plus 45 basis points. The issue priced at the tight end of talk.
A second tranche was $850 million of 2.375% five-year notes sold in line with talk at a spread of Treasuries plus 65 bps.
Pricing was at 99.934 to yield 2.389%.
Barclays, Fifth Third Securities Inc., Goldman Sachs & Co. and Morgan Stanley & Co. LLC were the joint bookrunners.
The Cincinnati-based financial services company plans to use the proceeds for general corporate purposes.
| Issuer: | Fifth Third Bancorp
|
| Issue: | Senior notes
|
| Amount: | $1.5 billion
|
| Joint bookrunners: | Barclays, Fifth Third Securities Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC
|
| Trade date: | April 22
|
| Settlement date: | April 25
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A
|
|
|
| Three-year notes
|
| Amount: | $650 million
|
| Maturity: | 2017
|
| Coupon: | 1.35%
|
| Price: | 99.954
|
| Yield: | 1.365%
|
| Spread: | Treasuries plus 45 bps
|
| Price talk: | Treasuries plus 50 bps area
|
|
|
| Five-year notes
|
| Amount: | $850 million
|
| Maturity: | 2019
|
| Coupon: | 2.375%
|
| Price: | 99.934
|
| Yield: | 2.389%
|
| Spread: | Treasuries plus 65 bps
|
| Price talk: | Treasuries plus 65 bps area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
