Chicago, Feb. 12 – Statnett SF priced €500 million of 3.375% 12-year green notes (A+) on Monday, according to a market source.
Pricing on the notes came at 99.389 to yield 3.438%, or at mid-swaps plus 68 basis points. Price talk started in the mid-swaps plus 105 bps area. Guidance came down to the 70 bps area a few hours after books opened.
Call protection is in the form of a Bunds plus 15 bps make-whole premium and then there is a three-month par call option.
NatWest Markets (billing and delivery), Barclays, BNP Paribas and Danske Bank are the joint bookrunners.
The no-grow deal had an order book above €2.3 billion.
Proceeds will be used to fund eligible green projects.
The listing will be in Dublin.
The issuer is Norway’s state-owned electricity transmission system operator.
| Issuer: | Statnett SF
|
| Amount: | €500 million
|
| Issue: | Green notes
|
| Maturity: | Feb. 26, 2036
|
| Bookrunners: | NatWest Markets (billing and delivery), Barclays, BNP Paribas and Danske Bank
|
| Coupon: | 3.375%
|
| Price: | 99.389
|
| Yield: | 3.438%
|
| Spread: | Mid-swaps plus 68 bps
|
| Change of control: | At par
|
| Trade date: | Feb. 12
|
| Settlement date: | Feb. 26
|
| Rating: | S&P: A+
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 105 bps area; guided to mid-swaps plus 70 bps area
|
| ISIN: | XS2768793676
|
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