By Caroline Salls
Pittsburgh, Jan. 27 – El Instituto de Credito Oficial (ICO) issued €1 billion three-year “social bonds” with a coupon of 0.5%, according to a news release.
ICO said the social bonds are known on international capital markets as sustainable bonds. ICO is the first Spanish issuer to issue the social bonds.
The bonds are designed to create or maintain employment in economically disadvantaged Spanish regions with a per capita income below the national average, the release said.
With the funds raised, ICO said it will finance SMEs which are located in regions with lower per capita gross domestic product than the Spanish average. Companies in sectors not considered socially responsible will be excluded from the financing.
ICO said demand for the bonds reached €2 billion.
Credit Agricole, Goldman Sachs International, HSBC and Santander are the lead banks.
| Issuer: | El Instituto de Credito Oficial (ICO)
|
| Issue: | Social bonds
|
| Amount: | €1 billion
|
| Maturity: | Three years
|
| Agents: | Credit Agricole, Goldman Sachs International, HSBC, Santander
|
| Coupon: | 0.5%
|
| Pricing date: | Jan. 27
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
