By Rebecca Melvin
Concord, N.H., May 17 – RWE AG priced €2 billion of green notes in two tranches due in 2026 and 2030 (expected ratings: Baa2//BBB+), according to a market source on Tuesday.
The €1 billion tranche of 2.125% four-year notes priced at 99.652 to yield 2.217%, or a spread over mid-swaps of 90 basis points.
The notes had been guided to mid-swaps plus 95 bps area from initial talk in the area of mid-swaps plus 115 bps.
The €1 billion tranche of 2.75% eight-year notes priced at 99.287 to yield 2.851%, or a spread over mid-swaps of 120 bps.
They had been guided to the mid-swaps plus 125 bps area after being talked initially at the mid-swaps plus 145 bps area.
Order books were in excess of €5 billion, skewed to the shorter-dated notes, at the time guidance was released.
BofA and HSBC are global coordinators and bookrunners of the Regulation S deal, together with Barclays, BNP Paribas, Deutsche Bank, Santander and SMBC as bookrunners.
Proceeds will be used to finance and refinance new and existing eligible assets that satisfy the eligible asset criteria defined in the green bond framework.
RWE is an electric utilities company based in Essen, Germany.
| Issuer: | RWE AG
|
| Amount: | €2 billion
|
| Issue: | Green notes
|
| Bookrunners: | BofA, HSBC, Barclays, BNP Paribas, Deutsche Bank, Santander and SMBC
|
| Pricing date: | May 17
|
| Settlement date: | May 24
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB+
|
| Distribution: | Regulation S
|
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|
| Four-year notes
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| Amount: | €1 billion
|
| Maturity: | May 24, 2026
|
| Coupon: | 2.125%
|
| Price: | 99.652
|
| Yield: | 2.217%
|
| Spread: | Mid-swaps plus 90 bps
|
| Talk: | Guided to mid-swaps plus 95 bps area from mid-swaps plus 115 bps area
|
| ISIN: | XS2482936247
|
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|
| Eight-year notes
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| Amount: | €1 billion
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| Maturity: | May 24, 2030
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| Coupon: | 2.75%
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| Price: | 99.287
|
| Yield: | 2.851%
|
| Spread: | Mid-swaps plus 120 bps
|
| Talk: | Guided to mid-swaps plus 125 bps area from mid-swaps plus 145 bps area
|
| ISIN: | XS2482887879
|
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