Chicago, July 12 – DNB Bank ASA priced €1 billion of 4.5% green senior non-preferred five-year notes (A3/A) on Wednesday, according to market sources.
The notes priced at 99.882 to yield 4.533%, or at mid-swaps plus 100 basis points. Initial price talk was in the mid-swaps plus 125 bps area.
The fixed interest rate will convert to a floating-rate interest basis tied to Euribor plus a margin starting July 19, 2027. The interest rate change date is also a one-time optional redemption date when the notes can be redeemed at par.
BNP Paribas, DNB Markets, HSBC, ING and JPMorgan are the bookrunners for the Regulation S offering.
The final book size was over €2.1 billion.
Proceeds will be used for eligible green projects.
The notes will be listed in Dublin.
The financial services company is based in Oslo.
| Issuer: | DNB Bank ASA
|
| Amount: | €1 billion
|
| Issue: | Green senior non-preferred notes
|
| Maturity: | July 19, 2028
|
| Bookrunners: | BNP Paribas, DNB Markets, HSBC, ING and JPMorgan
|
| Coupon: | 4.5% initial rate, converts to Euribor plus margin starting July 19, 2027
|
| Price: | 99.882
|
| Yield: | 4.533%
|
| Spread: | Mid-swaps plus 100 bps
|
| Call features: | At par on July 19, 2027
|
| Trade date: | July 12
|
| Settlement date: | July 19
|
| Ratings: | Moody’s: A3
|
| S&P: A
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 125 bps area
|
| ISIN: | XS2652069480
|
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