Chicago, Jan. 19 – La Banque Postale priced €750 million of 3.125% green bonds due 2034 (AAA), according to a market source.
The bonds priced at 99.78 to yield 3.151%, or at mid-swaps plus 45 basis points. Price talk was in the mid-swaps plus 53 bps area.
Credit Agricole CIB (billing and delivery), BNP Paribas, ING, La Banque Postale, UBS Investment Bank and UniCredit are lead managers for the Regulation S bearer notes.
At the reoffer price, including joint lead manager interest, there was more than €3.6 billion of interest.
The covered bonds are backed by French prime residential mortgages for single-family homes.
The listing will be in Paris.
Proceeds will be used to finance or refinance the issuer’s eligible loan portfolio, as defined in the green, social and sustainability framework from September 2023.
The issuer is a postal bank based in Paris. The bank manages retail savings through the French network of post offices.
| Issuer: | La Banque Postale
|
| Amount: | €750 million
|
| Issue: | Green covered bonds
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| Maturity: | Jan. 29, 2034
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| Bookrunners: | Credit Agricole CIB (billing and delivery), BNP Paribas, ING, La Banque Postale, UBS Investment Bank and UniCredit
|
| ESG structuring advisers: | Credit Agricole CIB and La Banque Postale
|
| Coupon: | 3.125%
|
| Price: | 99.78
|
| Yield: | 3.151%
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| Spread: | Mid-swaps plus 45 bps
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| Trade date: | Jan. 19
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| Settlement date: | Jan. 29
|
| Rating: | S&P: AAA
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 53 bps area
|
| ISIN: | FR001400NGT9
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