By Rebecca Melvin
New York, Oct. 8 – South Korea’s Shinhan Bank priced €500 million ¼% senior green bonds due 2024 (expected ratings: Aa3/A+/A) at 99.876 to yield 0.275%, or a spread of 70 basis points over mid-swaps, according to a market source.
Initial price talk for the offering was at a spread of mid-swaps plus 80 bps.
The Regulation S deal was sold via joint bookrunners BNP Paribas, Credit Agricole CIB, Credit Suisse, HSBC and Societe Generale.
The proceeds will be used to fund or refinance eligible green projects as set out in the Shinhan Bank sustainable development goals bond framework.
Shinhan Bank is a lender based in Seoul.
| Issuer: | Shinhan Bank
|
| Amount: | €500 million
|
| Description: | Senior green bonds
|
| Maturity: | Oct. 16, 2024
|
| Bookrunners: | BNP Paribas, Credit Agricole CIB, Credit Suisse, HSBC and Societe Generale
|
| Coupon: | ¼%
|
| Price: | 99.876
|
| Yield: | 0.275%
|
| Spread: | Mid-swaps plus 70 bps
|
| Pricing date: | Oct. 8
|
| Settlement date: | Oct. 16
|
| Ratings: | Moody’s: Aa3
|
| S&P: A+
|
| Fitch: A
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 80 bps
|
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