Chicago, Nov. 9 – Stedin Holding NV sold €500 million of 0% five-year green bonds (A-) on Tuesday at 99.666 to yield 0.067%, a market source noted.
The senior notes priced with a mid-swaps plus 22 basis points spread.
The order books were in excess of €2 billion for the notes at the point where guidance was in the mid-swaps 25 bps area, plus or minus 3 bps.
The notes are being issued under Stedin’s €3 billion euro medium-term note program.
The notes can be redeemed early with a make-whole premium until three months before the maturity date when there is a par call.
BNP Paribas was handling billing and delivery, with allocations and pricing expected late in the day.
In addition to BNP, ABN Amro, ING and MUFG were listed as joint bookrunners for the Regulation S deal.
ABN Amro and ING are also working as joint green structuring advisers.
Proceeds will be used to finance or refinance eligible green projects as set out in the company’s green finance framework.
Stedin Holding is an electricity and gas grid manager based in the Netherlands.
| Issuer: | Stedin Holding NV
|
| Issue: | Green senior notes
|
| Amount: | €500 million
|
| Maturity: | Nov. 16, 2026
|
| Bookrunners: | BNP Paribas, ABN Amro, ING and MUFG
|
| Green advisers: | ABN Amro and ING
|
| Green assessor: | ISS ESG
|
| Coupon: | 0%
|
| Price: | 99.666
|
| Yield: | 0.067%
|
| Spread: | Mid-swaps plus 22 bps
|
| Call features: | Make-whole call until three months before maturity when there is a par call
|
| Trade date: | Nov. 9
|
| Settlement date: | Nov. 16
|
| Ratings: | S&P: A-
|
| Distribution: | Regulation S
|
| Price talk: | Guidance in mid-swaps plus 25 bps area, plus or minus 3 bps
|
| ISIN: | XS2407985220
|
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