Chicago, April 10 – Bank of Nova Scotia priced an inaugural green offering (A2/A/AA-) on Wednesday, according to a market source.
The deal priced as €1 billion of 3.5% green bonds with a five-year tenor.
The 99.793 discount translated to a 3.546% yield, 75 basis points to mid-swaps.
Price talk started in the morning in the mid-swaps plus 105 bps area.
The bail-inable Regulation S notes were sold by UBS (billing and delivery), Commerzbank, Credit Agricole CIB, ING, Lloyds, Natixis and Scotiabank.
The final order book was over €1.6 billion.
Proceeds will be used to finance or refinance eligible assets.
The notes will be listed in London.
Based in Toronto, the issuer is one of Canada’s big five banks.
| Issuer: | Bank of Nova Scotia
|
| Amount: | €1 billion
|
| Issue: | Senior green bonds
|
| Maturity: | April 17, 2029
|
| Bookrunners: | UBS (billing and delivery), Commerzbank, Credit Agricole CIB, ING, Lloyds, Natixis and Scotiabank
|
| Coupon: | 3.5%
|
| Price: | 99.793
|
| Yield: | 3.546%
|
| Spread: | Mid-swaps plus 75 bps
|
| Call features: | Non-callable
|
| Trade date: | April 10
|
| Settlement date: | April 17
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: AA-
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 105 bps area
|
| ISIN: | XS2804565435
|
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