By Cristal Cody
Tupelo, Miss., Sept. 20 – European Bank for Reconstruction and Development (Aaa/AAA/AAA) priced an upsized $700 million of 1.625% five-year green climate resilience bonds on Friday at mid-swaps plus 15 basis points, or a spread of Treasuries plus 9.15 bps, according to a market source.
The notes due Sept. 27, 2024 were initially talked to print in the mid-swaps plus 16 bps area.
The issue priced at 99.466 to yield 1.737%.
The deal was upsized from $500 million.
BNP Paribas Securities Corp., Goldman Sachs International and Skandinaviska Enskilda Banken were the bookrunners.
Proceeds will be used to support climate resilient projects.
The financial institution is based in London.
| Issuer: | European Bank for Reconstruction and Development
|
| Amount: | $700 million
|
| Description: | Green climate resilience bonds
|
| Maturity: | Sept. 27, 2024
|
| Bookrunners: | BNP Paribas Securities Corp., Goldman Sachs International and Skandinaviska Enskilda Banken
|
| Coupon: | 1.625%
|
| Price: | 99.466
|
| Yield: | 1.737%
|
| Spread: | Mid-swaps plus 15 bps, or Treasuries plus 9.15 bps
|
| Trade date: | Sept. 20
|
| Settlement date: | Sept. 27
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Fitch: AAA
|
| Price talk: | Mid-swaps plus 16 bps area
|
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