Chicago, June 27 – NV Nederlandse Gasunie priced €500 million of sustainability-linked bonds due 2034 (A1) on Monday, according to a market source.
The 3.375% notes priced at 98.821 to yield 3.497%, or at 108 basis points over mid-swaps. Alternatively, the spread was 195.1 bps over Bunds.
Spread guidance was in the 110 bps area over mid-swaps after initial talk in the 130 bps area.
If the company does not reduce methane emissions or scope 1 and 2 greenhouse gas emissions by Dec. 31, 2030 the rate will step up by 12.5 bps in either case for each event on July 11, 2031, payable in 2032.
The notes are optionally redeemable with a Bunds plus 30 bps premium until three months before the maturity date when they are redeemable at par.
The company can conduct a clean-up call if there are less than 75% of the bonds outstanding.
Joint active bookrunners are BNP Paribas (billing and delivery), NatWest Markets and Rabobank.
The final order book was above €1.2 billion.
The Regulation S notes will be used for general corporate purposes.
The energy network operator is based in Groningen, the Netherlands.
| Issuer: | NV Nederlandse Gasunie
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| Amount: | €500 million
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| Issue: | Senior sustainability-linked bonds
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| Maturity: | July 11, 2034
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| Bookrunners: | BNP Paribas (billing and delivery), NatWest Markets and Rabobank
|
| Green assessor: | Sustainalytics, Prime
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| Coupon: | 3.375%
|
| Price: | 98.821
|
| Yield: | 3.497%
|
| Spread: | Mid-swaps plus 108 bps, or Bunds plus 195.1 bps
|
| Call features: | Make-whole call at Bunds plus 30 bps, par call three months before the maturity date
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| Trade date: | June 27
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| Settlement date: | July 11
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| Ratings: | Moody’s: A1
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 130 bps area
|
| ISIN: | XS2498042584
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