By Rebecca Melvin
New York, Oct. 7 – BNP Paribas SA priced €750 million of seven-year senior green, non-preferred, fixed to floating rate bonds (Baa1/A-/A+) to yield 0.412% or a spread of mid-swaps plus 80 basis points, according to a market source on Wednesday.
The coupon was 3/8% and the reoffer price was 99.781. Pricing was tightened from initial talk for yield at mid-swaps plus 105 bps to 110 bps area.
The notes are non-callable for six years until Oct. 14, 2026 and then callable at par plus accrued interest.
Proceeds will be used to finance or refinance green assets.
BBVA, Commerzbank, Danske Bank, SEB and Swedbank are the joint lead managers.
In April 2018, the company priced €500 million of 1% six-year senior green bonds to yield 1.066%, or a spread of mid-swaps plus 55 bps.
BNP Paribas is a Paris-based banking and financial services company.
| Issuer: | BNP Paribas SA
|
| Issue: | Senior green bonds
|
| Amount: | €750 million
|
| Maturity: | Oct. 14, 2027
|
| Coupon: | 3/8%
|
| Reoffer price: | 99.781
|
| Yield: | 0.412%
|
| Spread: | Mid-swaps plus 80 bps
|
| Calls: | Non-callable for six years until Oct. 14, 2026
|
| IPT: | Mid-swaps plus 105 bps to 110 bps area
|
| Lead managers: | BBVA, Commerzbank, Danske Bank, SEB and Swedbank
|
| Pricing date: | Oct. 7
|
| Settlement date: | Oct. 14
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Fitch: A+
|
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