New Issue: Portugal’s EDP sells €750 million 3.875% green bonds due 2028

Chicago, July 25 – EDP – Energias de Portugal SA sold €750 million of 3.875% green bonds due 2028 (Baa2/BBB/BBB), according to a term sheet.

The bonds priced at 99.732 to yield 3.935%. The spread was 129.9 basis points over Bunds.

The bonds have make-whole call protection through March 26, 2028 at Bunds plus 20 bps, after which they may be redeemed at par.

BBVA, BofA Securities, Credit Agricole CIB, Deutsche Bank, DBS Bank Ltd., Mediobanca, Millennium BCP, NatWest Markets, Santander and Societe Generale were bookrunners.

The bonds are listed in Dublin.

The issuer is a Portuguese electric utilities company based in Lisbon.

Issuer:	EDP – Energias de Portugal SA
Amount:	€750 million
Issue:	Senior green bonds
Maturity:	June 26, 2028
Bookrunners:	BBVA, BofA Securities, Credit Agricole CIB, Deutsche Bank, DBS Bank Ltd., Mediobanca, Millennium BCP, NatWest Markets, Santander and Societe Generale
Coupon:	3.875%
Price:	99.732
Yield:	3.935%
Spread:	Bunds plus 129.9 bps
Call features:	Make-whole call at Bunds plus 20 bps until March 26, 2028; thereafter at par
Change of control:	Yes
Trade date:	June 22
Settlement date:	June 26
Ratings:	Moody’s: Baa2
	S&P: BBB
	Fitch: BBB
Distribution:	Regulation S
ISIN:	PTEDPUOM0008

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