Chicago, Nov. 16 – Bayerische Landesbank (BayernLB) priced €500 million of green tier 2 notes (Baa2) with a fixed to floating-rate due Nov. 22, 2032, according to a market source.
The subordinated notes will start with a fixed rate of 1.375% until Nov. 22, 2027. They will then reset to the five-year euro mid-swap rate plus 140 basis points, payable annually.
The notes priced at 99.966 to yield 1.381%, or mid-swaps plus 140 bps.
The notes can be redeemed at par from Aug. 22, 2027 to Nov. 22, 2027.
Listing will be on the Luxembourg Stock Exchange for the Regulation S notes.
Proceeds will be used to advance loans to the issuer’s customers for the purpose of financing or refinancing by those customers assets, projects, investments, expenditures or activities with a positive green social or other sustainability impact.
Joint bookrunners are BayernLB, BNP Paribas, Deutsche Bank, NatWest Markets and Societe Generale.
BNP was handling billing and delivery.
Bayerische Landesbank is a Munich-based company involved in finance and real estate.
| Issuer: | Bayerische Landesbank
|
| Issue: | Green tier 2 notes
|
| Amount: | €500 million
|
| Maturity: | Nov. 22, 2032
|
| Bookrunners: | BayernLB, BNP Paribas (billing and delivery), Deutsche Bank, NatWest Markets and Societe Generale
|
| Green assessor: | Sustainalytics
|
| Coupon: | 1.375% starting rate until Nov. 22, 2027; resets to five-year euro mid-swap rate plus 140 bps
|
| Price: | 99.966
|
| Yield: | 1.381%
|
| Spread: | Mid-swaps plus 140 bps
|
| Call features: | Callable at par from Aug. 22, 2027 to Nov. 22, 2027
|
| Settlement date: | Nov. 22
|
| Ratings: | Moody’s: Baa2
|
| Distribution: | Regulation S
|
| ISIN: | XS2411178630
|
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