Chicago, Sept. 15 – SpareBank 1 SMN priced a €500 million offering of 3.125% green senior preferred notes due Dec. 22, 2025 (A1), according to a market source.
The 3.25-year notes priced at 99.717 to yield 3.221%, or at 72 basis points over mid-swaps.
Initial price talk was in the 90 bps area over mid-swaps.
Total demand on the issue was €760 million, including €30 million of interest from the managers.
The deal was marked will not grow, with the size set at launch.
DZ Bank (billing and delivery), HSBC, ING, Natixis and Swedbank are the joint lead managers.
ING is the green bond structuring adviser.
Proceeds from the Regulation S notes will be used for green projects.
Listing will be on the Luxembourg Stock Exchange.
SpareBank is a Trondelag, Norway-based savings bank that is part of the SpareBank 1 group.
| Issuer: | SpareBank 1 SMN
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| Amount: | €500 million
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| Issue: | Green senior preferred notes
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| Maturity: | Dec. 22, 2025
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| Bookrunners: | DZ Bank (billing and delivery), HSBC, ING, Natixis and Swedbank
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| Green adviser: | ING
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| Coupon: | 3.125%
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| Price: | 99.717
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| Yield: | 3.221%
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| Spread: | Mid-swaps plus 72 bps
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| Trade date: | Sept. 15
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| Settlement date: | Sept. 22
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| Ratings: | Moody’s: A1
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| Distribution: | Regulation S
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| Price talk: | Mid-swaps plus 90 bps area
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| ISIN: | XS2536730448
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