By Rebecca Melvin
New York, April 26 – SpareBank 1 Ostlandet AS sold €500 million of 1.75% five-year green senior preferreds (expected rating: Aa3) at 99.612 to yield 1.832% or a spread over mid-swaps of 55 basis points, according to an announcement.
The company issued the preferreds under its €10 billion euro medium term note program, originating June 16, 2021 and supplemented on April 4.
BNP Paribas, Danske Bank, ING and LBBW were joint lead managers of the deal.
Proceeds will be used for green projects.
SpareBank is a specialized credit institution based in Stavanger, Norway.
| Issuer: | SpareBank 1 Ostlandet AS
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| Issue: | Senior preferreds
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| Amount: | €500 million
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| Maturity: | April 27, 2027
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| Managers: | BNP Paribas, Danske Bank, ING and LBBW
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| Coupon: | 1.75%
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| Price: | 99.612
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| Yield: | 1.832%
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| Spread: | Mid-swaps plus 55 bps
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| Settlement: | April 27
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| ISIN: | XS2472845911
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