Chicago, Nov. 15 – Cooperatieve Rabobank UA priced a €1.25 billion five-year inaugural green covered bond (Aaa) on Wednesday, according to a market source.
The bonds priced with a 3.296% coupon at par. The spread priced at 20 basis points above mid-swaps.
Guidance started in the mid-swaps plus 26 bps area.
The bonds are backed by prime Dutch residential mortgage loans.
Rabobank (billing and delivery), BNP Paribas, Deutsche Bank, NatWest Markets and Santander are the joint lead managers.
At the reoffer price, the final books were over €2.2 billion.
Proceeds will be used to finance or refinance a portfolio of eligible green building assets within the cover pool under the bank’s sustainable funding framework.
Rabo Covered Bond Co. BV is the guarantor.
Rabobank, a bank and financial services company, is based in Utrecht, Netherlands.
| Issuer: | Cooperatieve Rabobank UA
|
| Guarantor: | Rabo Covered Bond Co. BV
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| Amount: | €1.25 billion
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| Issue: | Green covered bonds
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| Maturity: | Nov. 22, 2028
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| Bookrunners: | Rabobank (billing and delivery), BNP Paribas, Deutsche Bank, NatWest Markets and Santander
|
| Coupon: | 3.296%
|
| Price: | Par
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| Yield: | 3.296%
|
| Spread: | Mid-swaps plus 20 bps, or Bunds plus 72.9 bps
|
| Call features: | Soft bullet
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| Trade date: | Nov. 15
|
| Settlement date: | Nov. 22
|
| Rating: | Moody’s: Aaa
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 26 bps area
|
| ISIN: | XS2722858532
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