By Susanna Moon
Chicago, Oct. 22 – Royal Schiphol Group NV (A1/A+) priced €500 million of 1.5% 12-year senior green bonds at a reoffer price of 98.679 to yield 1.622%, according to a market source.
The spread was mid-swaps plus 45 basis points, with the issue guaranteed by Schiphol Nederland BV.
BNP Paribas, ING and NatWest Markets are active joint bookrunners, with ING as green structuring adviser. NatWest will bill and deliver.
Proceeds will be used to finance or refinance green projects as defined under the issuer’s green bond framework.
The orderbook was at about €2.9 billion, the source said.
The books opened at more than €3.2 billion with final guidance at mid-swaps plus 45 bps to 47 bps, tightened from guidance in the mid-swaps plus 50 bps area. Initial price talk was mid-swaps plus 65 bps.
As announced, the issuer arranged a series of debt investor meetings in Europe starting Oct. 16 for an inaugural €500 million senior unsecured green bond issue with a nine- to 12-year maturity.
The bonds will be issued under Regulation S off the newly established green bond framework.
The bonds will be listed on Euronext Amsterdam, the source said.
Schiphol is a Netherlands-based airport company.
| Issuer: | Royal Schiphol Group NV
|
| Guarantor: | Schiphol Nederland BV
|
| Issue: | Senior green bonds
|
| Amount: | €500 million
|
| Maturity: | Nov. 5, 2030
|
| Bookrunners: | BNP Paribas, ING and NatWest Markets (bill and deliver)
|
| Coupon: | 1.5%
|
| Price: | 98.679
|
| Yield: | 1.622%
|
| Spread: | Mid-swaps plus 45 bps
|
| Call: | Make-whole call at Bunds plus 20 bps until three months before maturity, then at par
|
| Pricing date: | Oct. 22
|
| Settlement date: | Nov. 5
|
| Ratings: Moody’s: A1
|
| S&P: A+
|
| Distribution: | Regulation S
|
| Benchmark: | Bunds plus 117.5 bps
|
| Guidance: | Mid-swaps plus 45 bps to 47 bps
|
|
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