Chicago, Jan. 16 – Crelan SA/NV priced €750 million of green fixed-to-fixed senior non-preferred notes due 2032 (Baa3) on Tuesday, according to information from a market source.
The coupon starts at 5.25%. If the notes are not redeemed on the Jan. 23, 2031 optional redemption date, the coupon will reset to the one-year mid-swap rate plus the margin.
The notes priced at 99.76 to yield 5.29%, or at mid-swaps plus 275 bps.
Initial price talk was in the mid-swaps plus 300 bps area.
Citi (billing and delivery), BNP Paribas, Credit Agricole CIB, Deutsche Bank and J.P. Morgan are the joint lead managers.
Credit Agricole CIB is the green structuring adviser.
The final order book was reported at around €2 billion.
Proceeds will be used to finance or refinance new or existing loans under the issuer’s green bond framework.
The notes will be listed in Brussels.
The issuer is a Belgian bank that was formed out of the merger of Credit Agricole, Centea and Landbouwkrediet.
| Issuer: | Crelan SA/NV
|
| Amount: | €750 million
|
| Issue: | Green fixed-to-fixed senior non-preferred notes
|
| Maturity: | Jan. 23, 2032
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| Bookrunners: | Citi (billing and delivery), BNP Paribas, Credit Agricole CIB, Deutsche Bank and J.P. Morgan
|
| Green structurer: | Credit Agricole CIB
|
| Coupon: | 5.25% initial rate; resets to one-year mid-swaps plus margin
|
| Price: | 99.76
|
| Yield: | 5.29%
|
| Spread: | Mid-swaps plus 275 bps, or Bunds plus 319.1 bps
|
| Call features: | At par on Jan. 23, 2031
|
| Trade date: | Jan. 16
|
| Settlement date: | Jan. 23
|
| Ratings: | Moody’s: Baa3
|
| Price talk: | Mid-swaps plus 300 bps area
|
| ISIN: | BE0002989706
|
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