Chicago, Nov. 7 – Sbanken Sor Boligkreditt AS priced a €500 million offering of 3.125% three-year green bonds (Aaa) on Monday, according to a Europe-based source.
The notes priced at 99.952 to yield 3.142%, or at mid-swaps plus 11 basis points.
Guidance started in the mid-swaps plus 16 bps area. During pricing, it was revised to the mid-swaps plus 11 bps area.
The size had been previously set and marked as “will not grow.”
Final books were above €1.5 billion.
Credit Agricole CIB, DNB Markets, ING, Landesbank Baden-Wurttemberg, Nordea and UniCredit are joint bookrunners for the Regulation S transaction.
Nordea is the green bond structuring adviser.
The covered bonds will be backed by Norwegian residential mortgages.
The bonds will be listed on the Irish Stock Exchange.
The issuer is a Bergen, Norway-based online bank.
| Issuer: | Sbanken Sor Boligkreditt AS
|
| Amount: | €500 million
|
| Issue: | Green covered bonds
|
| Maturity: | Nov. 14, 2025
|
| Bookrunners: | Credit Agricole CIB, DNB Markets, ING, Landesbank Baden-Wurttemberg, Nordea and UniCredit
|
| Trustee: | Nordic Trustee AS
|
| Counsel to issuer: | Advokatfirmaet BAHR AS
|
| Counsel to underwriters: | Allen & Overy LLP
|
| Coupon: | 3.125%
|
| Price: | 99.952
|
| Yield: | 3.142%
|
| Spread: | Mid-swaps plus 11 bps
|
| Trade date: | Nov. 7
|
| Settlement date: | Nov. 14
|
| Rating: | Moody’s: Aaa
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 16 bps area; revised to mid-swaps plus 11 bps area
|
| ISIN: | XS2555209381
|
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