By Angela McDaniels
Tacoma, Wash., March 12 – Danske Bank A/S (A2/A/A) priced €500 million of 1.625% five-year non-preferred senior green bonds, according to a market source.
The bonds priced at 99.463 to yield 1.738%, or mid-swaps plus 185 basis points.
ABN Amro, BNP Paribas, Credit Agricole CIB, Danske Bank and ING are the joint lead managers for the Regulation S offering, the bank’s inaugural issue of green bonds.
The lead managers held a series of fixed-income investor meetings across Europe beginning March 6 to present the bank’s green bond framework.
The Copenhagen-based bank expects the notes to be rated Baa2 by Moody’s, BBB+ by S&P and A by Fitch.
FCA/ICMA stabilization applies.
An amount equal to the net proceeds of the green bonds will be used to finance or refinance loans or investments located predominantly in the Nordic region and originated by Danske Bank that promote the transition to low-carbon, climate-resilient and sustainable economies.
| Issuer: | Danske Bank A/S
|
| Issue: | Non-preferred senior green bonds
|
| Amount: | €500 million
|
| Maturity: | March 15, 2024
|
| Bookrunners: | ABN Amro, BNP Paribas, Credit Agricole CIB, Danske Bank and ING
|
| Coupon: | 1.625%, payable annually
|
| Price: | 99.463
|
| Yield: | 1.738%
|
| Spread: | Mid-swaps plus 185 bps
|
| Pricing date: | March 12
|
| Settlement date: | March 15
|
| Expected ratings: | Moody’s: Baa2
|
| S&P: BBB+
|
| Fitch: A
|
| Distribution: | Regulation S
|
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