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Published on 2/15/2023 in the Prospect News Green Finance Daily.

New Issue: East Japan prices upsized €750 million 4.11% 20-year green notes at par

Chicago, Feb. 15 – East Japan Railway Co. priced an upsized €750 million offering of 4.11% green bonds with a 20-year tenor at par (A1/A+) on Wednesday, according to a market source.

The notes priced at mid-swaps plus 130 basis points.

Initial price talk was in the mid-swaps plus 150 bps area.

The deal was upsized from an anticipated €500 million.

BofA, BNP Paribas (billing and delivery) and Nomura are the joint bookrunners for the Regulation S deal.

Books closed above €3.5 billion.

Proceeds will be used for eligible projects.

Based in Tokyo, JR East is the largest of seven Japan Railways Group companies.

Issuer:East Japan Railway Co.
Amount:€750 million
Issue:Senior green notes
Maturity:Feb. 22, 2043
Bookrunners:BofA, BNP Paribas (billing and delivery) and Nomura
Coupon:4.11%
Price:Par
Yield:4.11%
Spread:Mid-swaps plus 130 bps
Trade date:Feb. 15
Settlement date:Feb. 22
Ratings:Moody’s: A1
S&P: A+
Distribution:Regulation S
Price talk:Mid-swaps plus 150 bps area
ISIN:XS2588859376

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