Chicago, March 8 – Land Securities Capital Markets plc priced £400 million of 4.875% green bonds due 2032 (AA/AA-) on Wednesday, according to a market source.
The bonds priced at a 99.064 discount to yield 5%. Alternatively, the notes priced at mid-Gilts plus 133 basis points. The debut green bond was talked in the mid-Gilts plus 150 bps area.
The notes are callable with a make-whole premium of mid-swaps plus 20 bps.
The maturity date could alternatively be the legal final maturity date of Sept. 15, 2034 instead of the expected maturity date in 2032. If the term is longer than the expected maturity date, the coupon will step up 50 bps.
BNP Paribas, Lloyds Bank and NatWest Markets are the bookrunners. NatWest is handling billing and delivery.
Proceeds will be used for eligible green projects.
The notes will be listed in Dublin.
Land Securities is a commercial property company based in London.
| Issuer: | Land Securities Capital Markets plc
|
| Amount: | £400 million
|
| Issue: | Green bonds
|
| Maturity: | Sept. 15, 2032
|
| Bookrunners: | BNP Paribas, Lloyds Bank and NatWest Markets
|
| Coupon: | 4.875%
|
| Price: | 99.064
|
| Yield: | 5%
|
| Spread: | Mid-Gilts plus 133 bps
|
| Call features: | Make-whole call at mid-swaps plus 20 bps
|
| Trade date: | March 8
|
| Settlement date: | March 15
|
| Ratings: | S&P: AA
|
| Fitch: AA-
|
| Distribution: | Regulation S
|
| Price talk: | Mid-Gilts plus 150 bps area
|
| ISIN: | XS2597544290
|
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