Chicago, Sept. 27 – Sydbank AS priced a €500 million offering of non-preferred senior green notes on Tuesday, according to a market source.
The coupon starts at 4.75% and resets on Sept. 30, 2024 to one-year mid-swaps plus 180 bps.
The notes can be called on the reset date.
The notes priced with a 99.843 discount to yield 4.834%.
Pricing came on top of talk at 180 basis points over mid-swaps. The order book was close to deal size, at €520 million excluding interest from the joint lead managers.
BNP Paribas, Danske Bank (billing and delivery) J.P. Morgan, Landesbank Baden-Wurttemberg and Nykredit are the joint lead managers.
Proceeds will be used to finance or refinance eligible green projects.
Listing will be on Euronext Dublin.
The issuer is an Aabenraa, Denmark-based bank.
| Issuer: | Sydbank AS
|
| Amount: | €500 million
|
| Issue: | Non-preferred senior green notes
|
| Maturity: | Sept. 30, 2025
|
| Bookrunners: | BNP Paribas, Danske Bank (billing and delivery) J.P. Morgan, Landesbank Baden-Wurttemberg and Nykredit
|
| Coupon: | 4.75% initial rate, resets Sept. 30, 2024 to one-year mid-swaps plus 180 bps
|
| Price: | 99.843
|
| Yield: | 4.834%
|
| Spread: | Mid-swaps plus 180 bps
|
| Call features: | Sept. 30, 2024
|
| Trade date: | Sept. 27
|
| Settlement date: | Sept. 30
|
| Ratings: | Moody’s: A3
|
| Distribution: | Regulation S
|
| Marketing: | Investor meetings
|
| Price talk: | Mid-swaps plus 180 bps
|
| ISIN: | XS2538445581
|
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