Rating: A3/A
Amount: $2.5bn
Tranche 1: $500m
Maturity: 1April 2017
Coupon: 5.45%
Issue price: 99.793
Spread at re-offer: 89bp over Treasuries
Tranche 1: $2bn
Maturity: 1 April 2037
Coupon: 5.95%
Issue price: 99.321
Spread at re-offer: 120bp over Treasuries
Launch date: Thursday 22 March
Payment date: 27 March
Joint books: Citigroup, JP Morgan
Bookrunner’s comment:
We announced a $1.5bn 30 year deal and ended up increasing that tranche to $2bn and adding a $500m 10 year tranche on the back of reverse inquiry.
Its 2036s were in the 111bp/106bp area but that was a much smaller issue. The 30 year was priced at 120bp. We had thought 90bp on the 10 year but it came at 89bp.
We ended up attracting about 165 accounts with guidance in the 120bp area.