Chicago, May 11 – Banca Comerciala Romana priced a €700 million debut green bond offering (Baa2//BBB+) on Thursday, according to a market source.
The four-year notes priced with a 7 5/8% coupon at par, or at mid-swaps plus 453.9 basis points.
Initial price talk was 8% to 8¼%.
There are three years of call protection for the senior non-preferred notes. The optional redemption date is May 19, 2026.
If the notes are not redeemed on the early redemption date, the coupon will reset to Euribor plus 453.9 bps.
The Regulation S only notes were sold by BNP Paribas, Citi, Erste Group (billing and delivery), ING and JPMorgan.
The final order book was over €1.75 billion at the final terms.
Proceeds will be allocated to eligible green projects.
The notes will be listed in Vienna and Bucharest.
The issuer is a full-service bank with headquarters in Bucharest, Romania.
| Issuer: | Banca Comerciala Romana
|
| Amount: | €700 million
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| Issue: | Green senior non-preferred notes
|
| Maturity: | May 19, 2027
|
| Bookrunners: | BNP Paribas, Citi, Erste Group (billing and delivery), ING and JPMorgan
|
| Co-lead: | Banca Comerciala Romana
|
| Counsel to underwriters: | Linklaters
|
| Coupon: | 7 5/8% initial rate; resets starting May 19, 2026 to Euribor plus 453.9 bps
|
| Price: | Par
|
| Yield: | 7 5/8%
|
| Spread: | Mid-swaps plus 453.9 bps
|
| Call features: | May 19, 2026
|
| Trade date: | May 11
|
| Settlement date: | May 19
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB+
|
| Distribution: | Regulation S
|
| Price talk: | 8% to 8¼%
|
| ISIN: | AT0000A34CN3
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