Chicago, March 26 – Nova Kreditna Banka Maribor d.d. (A3//BBB-) priced a €300 million offering of 4¾% senior preferred notes due 2028 (Baa2), according to a market source.
The notes priced at 99.727 to yield 4.85%, or at mid-swaps plus 190 basis points.
If the notes are not redeemed on April 3, 2027, the first reset date, the coupon resets to Euribor plus 190 basis points. Initial talk was in the mid-swaps plus 235 bps area.
Erste Group (billing and delivery), BNP Paribas, Citi, Goldman Sachs Bank Europe SE, OTP Bank and UniCredit were bookrunners.
The final order book was above €2 billion.
Proceeds will be used for general banking and other corporate purposes.
The issuer is the second largest bank in Slovenia.
| Issuer: | Nova Kreditna Banka Maribor d.d.
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| Amount: | €300 million
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| Issue: | Senior preferred notes
|
| Maturity: | April 3, 2028
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| Bookrunners: | Erste Group (billing and delivery), BNP Paribas, Citi, Goldman Sachs Bank Europe SE, OTP Bank and UniCredit
|
| Coupon: | 4¾% initial rate; resets to Euribor plus 190 bps for the first time on April 3, 2027
|
| Price: | 99.727
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| Yield: | 4.85%
|
| Spread: | Mid-swaps plus 190 bps
|
| Call features: | April 3, 2027
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| Trade date: | March 25
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| Settlement date: | April 3
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| Ratings: | Moody’s: Baa2
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| Distribution: | Regulation S
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| Price talk: | Mid-swaps plus 235 bps area
|
| Marketing: | Investor calls
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| ISIN: | XS2793675534
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