Chicago, Jan. 9 – Bausparkasse Schwaebisch Hall AG (Bausch) priced €500 million of 2.875% green mortgage covered bonds with a five-year tenor (Aaa) on Tuesday, according to a market source.
The bonds priced at 99.738 to yield 2.932%, or at mid-swaps plus 33 basis points.
Guidance started in the mid-swaps plus 37 bps area.
DZ Bank (billing and delivery), Commerzbank, ING, LBBW and UniCredit were the bookrunners.
The final book was €2.2 billion with €70 million of interest from the joint lead managers. The size was set before pricing.
Proceeds will be used to refinance eligible assets as defined in the company’s green bond framework.
An investor call was held Monday.
The bonds will be listed in Frankfurt and Luxembourg.
The issuer is a Schwabisch Hall, Germany, building society.
| Issuer: | Bausparkasse Schwaebisch Hall AG
|
| Amount: | €500 million
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| Issue: | Green mortgage covered bonds
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| Maturity: | Jan. 16, 2029
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| Bookrunners: | DZ Bank (billing and delivery), Commerzbank, ING, LBBW and UniCredit
|
| Coupon: | 2.875%
|
| Price: | 99.738
|
| Yield: | 2.932%
|
| Spread: | Mid-swaps plus 33 bps, or Bunds plus 84.8 bps
|
| Trade date: | Jan. 9
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| Settlement date: | Jan. 16
|
| Rating: | Moody’s: Aaa
|
| Price talk: | Mid-swaps plus 37 bps area
|
| Marketing: | Investor calls
|
| ISIN: | DE000A3824G4
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