Chicago, July 19 – Landesbank Baden-Wuerttemberg sold €1 billion of 1.75% green mortgage covered bonds due 2028 (Aaa), according to a market source.
The bonds, which were in the market on Monday, priced at a 99.688 discount to yield 1.81%.
The spread priced out at 5 basis points over mid-swaps. Guidance was in the 10 bps area.
The issue was oversubscribed with order books above €4.6 billion, excluding joint lead manager interest.
Joint lead managers for the Regulation S issue are ING, Landesbank Baden-Wuerttemberg, Natixis, Nordea, Santander and UniCredit.
Proceeds will be used for purposes as defined by the bank’s green bond framework.
Landesbank is a universal bank and a commercial bank with a regional focus based in Stuttgart, Germany.
| Issuer: | Landesbank Baden-Wuerttemberg
|
| Amount: | €1 billion
|
| Issue: | Green mortgage covered bonds
|
| Maturity: | Feb. 28, 2028
|
| Bookrunners: | ING, Landesbank Baden-Wuerttemberg, Natixis, Nordea, Santander and UniCredit
|
| Green assessor: | Sustainalytics
|
| Coupon: | 1.75%
|
| Price: | 99.688
|
| Yield: | 1.81%
|
| Spread: | Mid-swaps plus 5 bps
|
| Trade date: | July 18
|
| Settlement date: | July 28
|
| Ratings: | Moody’s: Aaa
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 10 bps area
|
| ISIN: | DE000LB2ZV93
|
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