Schiphol plans to sell €500 million 12-year senior green bonds at mid-swaps plus 45 bps

By Susanna Moon

Chicago, Oct. 22 – Royal Schiphol Group NV (A1/A+) plans to price €500 million of 12-year senior green bonds at mid-swaps plus 45 basis points, with the issue guaranteed by Schiphol Nederland BV, according to a market source.

NatWest Markets will bill and deliver.

The orderbook was at about €2.9 billion, and allocations and pricing will follow Monday afternoon, the source said.

The books opened at more than €3.2 billion with final guidance mid-swaps plus 45 bps to 47 bps, away from guidance in the mid-swaps plus 50 bps area. Initial price talk was mid-swaps plus 65 bps.

The books were set to close at 6:45 a.m. ET.

As announced, the issuer arranged a series of debt investor meetings in Europe starting Oct. 16 for an inaugural €500 million senior unsecured green bond issue with a nine- to 12-year maturity.

The bonds will be issued under Regulation S off the newly established green bond framework.

BNP Paribas, ING and NatWest Markets are active joint bookrunners, with ING as green structuring adviser.

The bonds will be listed on Euronext Amsterdam, the source said.

Schiphol is a Netherlands-based airport company.

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