Cummins Inc (CMI) 2020-1

CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
USD500.0005Sep-25Sr. UnsecuredA2A+-FixedTsyT+70 aT+55 a500.75%-99.81800
USD850.00010Sep-30Sr. UnsecuredA2A+-FixedTsyT+105 aT+90 a851.50%-99.63000
USD650.00030Sep-50Sr. UnsecuredA2A+-FixedTsyT+140 aT+125 a1202.60%-99.33800
Tranche Comments
5 yr: Book size: 2700; First Pay: 2021-03-01; Registration: Registered; Comments: US$500m 0.75% cpn 5-year(9/1/25) at 99.818, yld 0.787%. Spread: T+50bp MW T+10bp; 10 yr: Book size: 2500; First Pay: 2021-03-01; Registration: Registered; Comments: US$850m 1.50% cpn 10-year(9/1/30) at 99.630, yld 1.54%. Spread: T+85bp MW T+15bp; 30 yr: Book size: 2300; First Pay: 2021-03-01; Registration: Registered; Comments: US$650m 2.60% cpn 30-year(9/1/50) at 99.338, yld 2.632%. Spread: T+120bp MW T+20bp;
Deal Comments
Active Bookrunners: BAM, (B&D) (10yr), CTI (B&D) (30yr), HSB, ING, JPM (B&D) (5yr). Passive Bookrunners: CAG, MIZ, MUF, STC, USB, WFS, GSC.
Use of Proceeds
Repay debt and general corporate purposes
Research

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