By Rebecca Melvin
Concord, N.H., Aug. 24 – Bawag PSK priced €500 million of 0.01% eight-year green mortgage covered bonds (Aaa) on Tuesday, reoffered at 101.909% of par, according to a market source.
The notes will yield negative 0.226%, which is flat to mid-swaps. The notes were talked initially to yield mid-swaps plus 5 basis points area and then guided to mid-swaps plus 1 bp.
Erste Group, HSBC, ING, LBBW and Nordea/LB were the lead bookrunners of the Regulation S issue.
The proceeds of the notes will be used exclusively to finance or refinance, in whole or in part, an eligible portfolio of green assets, according to Bawag’s green finance framework.
The retail and corporate lender is based in Austria.
| Issuer: | Bawag PSK
|
| Issue: | Green mortgage covered bonds
|
| Amount: | €500 million
|
| Bookrunners: | Erste Group, HSBC, ING, LBBW and Nordea/LB
|
| Maturity: | Sept. 3, 2029
|
| Coupon: | 0.01%
|
| Price: | 101.909
|
| Yield: | Negative 0.226%
|
| Spread: | Flat to mid-swaps
|
| Pricing date: | Aug. 23
|
| Settlement: | Sept. 1
|
| Ratings: | Moody’s: Aaa
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 1 bp, tightened from mid-swaps plus 5 bps area
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
