Chicago, Aug. 30 – Sydbank AS priced a €500 million offering of 5.125% green notes on Wednesday (A3), according to a market source.
The five-year notes priced at a 99.859 discount to yield 5.165%, or at mid-swaps plus 185 basis points.
The initial rate of interest will reset to mid-swaps plus 185 bps. Initial talk was in the mid-swaps plus 200 bps area.
The notes come with four years of call protection. The reset date and the optional redemption date are Sept. 6, 2027.
BNP Paribas (billing and delivery), Danske Bank, J.P. Morgan, Landesbank Baden-Wurttemberg and Nykredit were joint lead managers for the Regulation S offering.
Including a moderate €20 million of joint lead manager interest, the order book was over €730 million for the deal that was marked “will not grow.”
The issuer is an Aabenraa, Denmark-based bank.
| Issuer: | Sydbank AS
|
| Amount: | €500 million
|
| Issue: | Non-preferred senior green notes
|
| Maturity: | Sept. 6, 2028
|
| Bookrunners: | BNP Paribas (billing and delivery), Danske Bank, J.P. Morgan, Landesbank Baden-Wurttemberg and Nykredit
|
| Coupon: | 5.125% initial rate; resets to one-year mid-swaps plus 185 bps on Sept. 6, 2027
|
| Price: | 99.859
|
| Yield: | 5.165%
|
| Spread: | Mid-swaps plus 185 bps
|
| Call features: | Sept. 6, 2027
|
| Trade date: | Aug. 30
|
| Settlement date: | Sept. 6
|
| Ratings: | Moody’s: A3
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 200 bps area
|
| Marketing: | Roadshow
|
| ISIN: | XS2675722750
|
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