By Angela McDaniels
Tacoma, Wash., Oct. 10 – Mizuho Financial Group, Inc. priced €500 million of seven-year senior green bonds (expected A1/expected A-) at par to yield 0.956%, or mid-swaps plus 44 basis points, according to a market source.
Price guidance was mid-swaps plus 45 bps, plus or minus 1 bp. Initial price thoughts were mid-swaps plus 55 bps to 60 bps. The tenor was expected to be five to 10 years.
The joint lead managers are Mizuho Securities, BofA Merrill Lynch, Barclays, BNP Paribas and Natixis. Mizuho Securities and BofA Merrill Lynch are acting as joint green structuring agents. Mizuho will bill and deliver.
The order book for the issue exceeded €1.8 billion.
Proceeds will be used to make a loan to Mizuho Bank. The bank will then use the proceeds to finance existing and/or new green projects.
The Regulation S transaction is being issued under the company’s euro medium-term note program and will be listed on the Luxembourg Stock Exchange.
FCA/ICMA stabilization applies.
The bookrunners held a series of investor meetings in Europe beginning on Oct. 2.
Mizuho is a Tokyo-based financial institution.
| Issuer: | Mizuho Financial Group, Inc.
|
| Issue: | Senior green bonds
|
| Amount: | €500 million
|
| Maturity: | Oct. 16, 2024
|
| Bookrunners: | Mizuho Securities, BofA Merrill Lynch, Barclays, BNP Paribas and Natixis
|
| Coupon: | 0.956%
|
| Price: | Par
|
| Yield: | 0.956%
|
| Spread: | Mid-swaps plus 44 bps
|
| Pricing date: | Oct. 10
|
| Settlement date: | Oct. 16
|
| Expected ratings: | Moody’s: A1
|
| S&P: A-
|
| Distribution: | Regulation S
|
| Price guidance: | Mid-swaps plus 45 bps, plus or minus 1 bp
|
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