By Susanna Moon
Chicago, Sept. 18 – Sumitomo Mitsui Trust Bank, Ltd. priced €500 million of two-year senior green bonds (expected A1/A) with a coupon of Euribor plus 50 basis points, according to a market source.
The bonds priced at 100.508 to yield Euribor plus 25 bps.
The yield came tight of guidance that was at Euribor plus 30 bps. Initial price talk was in the Euribor plus 40 bps area.
The books were in excess of €2.3 billion, growing from more than €2.2 billion at open.
Proceeds will be used for financing or refinancing environmentally related projects.
The bookrunners are BNP Paribas (bill and deliver) and BofA Merrill Lynch as joint green structuring agents, Credit Agricole CIB, Goldman Sachs and Daiwa.
As announced Sept. 4, the bank had planned a series of fixed income investor meetings in Europe during the week beginning Sept. 10 for its planned euro-denominated benchmark short-dated senior green bonds.
The notes will be issued under Regulation S only.
Sumitomo is a bank based in Tokyo.
| Issuer: | Sumitomo Mitsui Trust Bank, Ltd.
|
| Issue: | Senior floating-rate notes
|
| Amount: | €500 million
|
| Maturity: | Sept. 25, 2020
|
| Bookrunners: | BNP Paribas (bill and deliver) and BofA Merrill Lynch (joint green structuring agents), Credit Agricole CIB, Goldman Sachs and Daiwa
|
| Coupon: | Euribor plus 50 bps
|
| Price: | 100.508
|
| Yield: | Euribor plus 25 bps
|
| Pricing date: | Sept. 18
|
| Settlement date: | Sept. 25
|
| Ratings: | Moody’s: A1
|
| S&P: A
|
| Distribution: | Regulation S
|
| Listing: | Singapore Exchange Securities Trading Ltd.
|
| Price talk: | Euribor plus 40 bps area; then guided to Euribor plus 30 bps
|
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