Chicago, Sept. 27 – Bayerische Landesbank’s (BayernLB) priced €300 million of 7% green subordinated tier 2 notes due 2034 (Baa2) on Wednesday, according to a market source.
The notes priced at 99.525 to yield 7.122%, or at mid-swaps plus 375 basis points. Initial price talk was in the mid-swaps plus 400 bps area.
The size was set before pricing.
The 10.25-year tenor comes with 5.25 years of call protection. The notes will be callable at par from Oct. 5, 2028 to Jan. 5, 2029.
If the notes are not called, the interest rate will reset to Euribor plus 375 bps.
ING is responsible for billing and delivery. BayernLB, Natixis and UBS were joint bookrunners.
The order book, based on the final pricing terms, was €500 million.
Proceeds will be used in accordance with the issuer’s sustainable financing framework.
The notes will be listed in Luxembourg.
Bayerische Landesbank is a Munich-based company involved in finance and real estate.
| Issuer: | Bayerische Landesbank
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| Amount: | €300 million
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| Issue: | Green subordinated tier 2 notes
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| Maturity: | Jan. 5, 2034
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| Bookrunners: | ING (billing and delivery), BayernLB, Natixis and UBS
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| Coupon: | 7% initial rate, resets on Jan. 5, 2029 to Euribor plus 375 bps
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| Price: | 99.525
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| Yield: | 7.122%
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| Spread: | Mid-swaps plus 375 bps
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| Call features: | At par from Oct. 5, 2028 to Jan. 5, 2029
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| Trade date: | Sept. 27
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| Settlement date: | Oct. 5
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| Ratings: | Moody’s: Baa2
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| Distribution: | Regulation S
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| Price talk: | Mid-swaps plus 400 bps area
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| Marketing: | Roadshow
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| ISIN: | XS2696902837
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