Chicago, Jan. 22 – Croatia-based Erste & Steiermarkische Bank dd priced €400 million of 4 7/8% green senior preferred notes due 2029 (//A-) on Monday, according to a market source.
The notes priced at 99.908 to yield 4.901%, or at mid-swaps plus 220 basis points. Initial talk started at mid-swaps plus 280 bps to 290 bps. Guidance significantly revised that talk to mid-swaps plus 240 bps to 250 bps.
As expected when first marketed, the notes priced with four years of call protection. The notes are optionally callable on Jan. 31, 2028.
If they have not been redeemed early, the coupon will reset to Euribor plus 220 bps.
The Regulation S deal lists Erste Group, BNP Paribas, Citi and Societe Generale as joint bookrunners. Erste Group handled billing and delivery.
Proceeds will be used to finance eligible green projects.
At the final terms, the final order book was above €2.9 billion.
The bank is focused primarily on retail customers and small and mid-size companies and large corporations doing business in Croatia.
| Issuer: | Erste & Steiermarkische Bank dd
|
| Amount: | €400 million
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| Issue: | Green senior preferred notes
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| Maturity: | Jan. 31, 2029
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| Bookrunners: | Erste Group (billing and delivery), BNP Paribas, Citi and Societe Generale
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| Coupon: | 4 7/8% initial rate; resets Jan. 31, 2028 to Euribor plus 220 bps
|
| Price: | 99.908
|
| Yield: | 4.901%
|
| Spread: | Mid-swaps plus 220 bps
|
| Call features: | Jan. 31, 2028
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| Trade date: | Jan. 22
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| Settlement date: | Jan. 31
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| Rating: | Fitch: A-
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| Distribution: | Regulation S
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| Price talk: | Mid-swaps plus 280 bps to 290 bps; guidance revised to mid-swaps plus 240 bps to 250 bps
|
| ISIN: | AT0000A39UM6
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