Chicago, March 19 – Instituto de Credito Oficial priced €500 million of 3.05% seven-year green bonds (Baa1/A/A-/DBRS: A) on Tuesday, according to a market source.
The bonds are explicitly guaranteed by the Kingdom of Spain.
Pricing at a 99.756 discount, the yield was 3.088%, or 11 basis points over the benchmark Spanish Government Bond. Guidance started in the 17 bps area but was relatively quickly revised to the 14 bps area.
Credit Agricole CIB (billing and delivery), BBVA, BNP Paribas, HSBC and Santander were the bookrunners on the Regulation S deal.
The size was set before pricing.
Proceeds will be used for eligible green projects.
Instituto de Credito Oficial is a state-owned bank based in Madrid.
| Issuer: | Instituto de Credito Oficial
|
| Guarantor: | Kingdom of Spain
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| Amount: | €500 million
|
| Issue: | Senior green bonds
|
| Maturity: | April 30, 2031
|
| Bookrunners: | Credit Agricole CIB (billing and delivery), BBVA, BNP Paribas, HSBC and Santander
|
| Coupon: | 3.05%
|
| Price: | 99.756
|
| Yield: | 3.088%
|
| Spread: | SPGB plus 11 bps
|
| Trade date: | March 19
|
| Settlement date: | March 26
|
| Ratings: | Moody’s: Baa1
|
| S&P: A
|
| Fitch: A-
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| DBRS: A
|
| Distribution: | Regulation S
|
| Price talk: | SPGB plus 17 bps area; revised to SPGB plus 14 bps area
|
| ISIN: | XS2793252060
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