US Bancorp Selling $1B In 5-Year Bonds 0.78 Point Over Treasurys

22nd Jul 2010 16:19

By Katy Burne Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--U.S. Bancorp (USB) launched a $1 billion sale of five-year, fixed-rate debt securities Thursday with pricing set at 0.78 percentage point over comparable U.S. Treasurys. The launch price was inside guidance set in the area of 0.8 percentage point over T-bills. The notes, which will mature July 27, 2015, are rated Aa3 by Moody's Investors Service and A-plus by Standard & Poor's. Proceeds will be used for general corporate purposes. U.S. Bancorp is underwriting the deal itself alongside Barclays Capital and Morgan Stanley (MS). On Wednesday, the issuer announced net income for the second quarter of $766 million, or 45 cents a share, up 63% from a year earlier, and net revenue of $4.5 billion, 8.7% above a year earlier. -By Katy Burne, Dow Jones Newswires; 212-416-3084; [email protected] (END) Dow Jones Newswires July 22, 2010 11:19 ET (15:19 GMT)