Coast Capital Savings Readies $143 Million AT1 Debt Sale

Coast Capital Savings Federal Credit Union is looking to sell around C$200 million ($143 million) of subordinated notes next week, according to people familiar with the matter.

The bond will mature in 10 years with the option to be bought back after five, and initial price talk is in the high 300-basis-points range above government bonds, the people said, declining to be identified as they aren’t authorized to speak publicly. The notes are expected to receive a credit rating of BB (high) from DBRS Morningstar, the people said.