National Securities Kicks Off Bond Sale to Pay Down Debt

National Securities Clearing Corp., a financial services firm, is tapping the blue-chip bond market on Monday as it looks to repay one of its looming maturities.

Bloomberg
Published17 Jun 2024, 11:11 PM IST
National Securities Kicks Off Bond Sale to Pay Down Debt
National Securities Kicks Off Bond Sale to Pay Down Debt

(Bloomberg) -- National Securities Clearing Corp., a financial services firm, is tapping the blue-chip bond market on Monday as it looks to repay one of its looming maturities. 

The company is selling bonds maturing in two years and five years, according to a person familiar with the matter. The longest tranche is set to yield 0.65 percentage point above Treasuries after earlier discussions for around 0.9 percentage point, said the person, who asked not to be identified. 

The offering will be used to repay at maturity all $400 million of its outstanding 5.05% senior notes due in November, the person said. Remaining proceeds from the deal will be deposited in the company’s cash deposit account at the Federal Reserve Bank of New York, in its accounts at commercial banks in accordance with its investment policy, or both. 

A representative for National Securities, which offers risk and wealth management, clearing and settlement services, didn’t immediately respond to a request for comment. 

JPMorgan Chase & Co., RBC Capital Markets and Wells Fargo & Co. are managing the bond sale, said the person. The issuer has a rare Aaa rating from Moody’s Ratings and is rated AA by S&P Global Ratings.

The company had around $3.7 billion in total debt outstanding at the end of 2023 according to data compiled by Bloomberg. It’s the first time National Securities is selling debt in the US investment-grade market in more than a year and is one of 13 deals in the high-grade market on Monday. 

More stories like this are available on bloomberg.com

©2024 Bloomberg L.P.

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First Published:17 Jun 2024, 11:11 PM IST
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