Chicago, Sept. 13 – DNB Bank ASA priced a €1.25 billion offering of 3.125% senior preferred green bonds with a five-year tenor (Aa2/AA-) on Tuesday, according to details from a market source.
The notes priced at 99.811 to yield 3.176%, or 77 basis points above mid-swaps. Alternatively, the bonds priced 177.5 bps to Bunds.
Initial price talk was in the 100 bps area to mid-swaps.
The bonds can be called at par on Sept. 21, 2026.
Final books went above €2.3 billion with more than 150 accounts participating.
After the par call date, the coupon rate will reset to a floating rate of Euribor plus a margin.
Joint bookrunners are BNP Paribas, Deutsche Bank, DNB Markets Goldman Sachs International and ING for the Regulation S issue.
Proceeds will be used for eligible projects under the issuer’s green bond framework.
Listing will be on Euronext Dublin.
The financial services company is based in Oslo.
| Issuer: | DNB Bank ASA
|
| Amount: | €1.25 billion
|
| Issue: | Senior preferred green bonds
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| Maturity: | Sept. 21, 2027
|
| Bookrunners: | BNP Paribas, Deutsche Bank, DNB Markets Goldman Sachs International and ING
|
| Green bond advisers: | DNB Markets, ING
|
| Coupon: | 3.125% starting rate, converts on Sept. 21, 2026 to Euribor plus a margin
|
| Price: | 99.811
|
| Yield: | 3.176%
|
| Spread: | Mid-swaps plus 77 bps
|
| Call features: | Par call on Sept. 21, 2026
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| Trade date: | Sept. 13
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| Settlement date: | Sept. 21
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA-
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 100 bps area
|
| ISIN: | XS2534985523
|
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