By Andrea Heisinger
New York, March 21 - UBS AG was in Thursday's market with a $1.25 billion sale of 0.75% three-year covered bonds (Aaa//AAA) priced at mid-swaps plus 30 basis points, or Treasuries plus 46.5 bps, an informed source said.
Initial price talk was in the mid-swaps plus 30 bps to 32 bps range.
The bonds sold at 99.743 to yield 0.837%.
Pricing was done under Rule 144A and Regulation S.
Bookrunners were Barclays, Lloyds Securities, Inc., RBC Capital Markets LLC, Santander Investment Securities Inc., UBS Securities LLC and Wells Fargo Securities LLC.
UBS did a $1.5 billion sale of 1.875% three-year covered bonds in the U.S. market on Jan. 19, 2012 at a spread of mid-swaps plus 135 bps.
The financial services company is based in Basel and Zurich, Switzerland.
| Issuer: | UBS AG
|
| Issue: | Covered bonds
|
| Amount: | $1.25 billion
|
| Maturity: | 2016
|
| Bookrunners: | Barclays, Lloyds Securities, Inc., RBC Capital Markets LLC, Santander Investment Securities Inc., UBS Securities LLC, Wells Fargo Securities LLC
|
| Coupon: | 0.75%
|
| Price: | 99.743
|
| Yield | 0.837%
|
| Spread: | Mid-swaps plus 30 bps, Treasuries plus 46.5 bps
|
| Distribution: | Rule 144A, Regulation S
|
| Trade date: | March 21
|
| Ratings: | Moody's: Aaa
|
| Fitch: AAA
|
| Price talk: | Mid-swaps plus 30 bps to 32 bps
|
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