By William Gullotti and Cristal Cody
Buffalo, N.Y., March 30 – Siemens Energy Finance BV priced a dual-tranche, €1.5 billion benchmark offering of green bonds (BBB) on Wednesday, according to information provided by a market source on Thursday.
As previously reported, both Regulation S tranches of the debut offering are guaranteed by parent company Siemens Energy AG (BBB).
The aggregate offering was split into equal €750 million tranches, one with a three-year tenor and the other with a six-year tenor.
Siemens priced the tranche maturing April 5, 2026 with a 4% coupon at 99.734, or at mid-swaps plus 90 basis points to yield 4.096%. Alternatively, the three-year tranche priced at Bunds plus 158.1 bps. Pricing was below initial talk in the mid-swaps plus 115 bps to 125 bps area.
The six-year tranche priced with a 4.25% coupon at 99.477 to yield 4.351%, or at Bunds plus 205 bps. Alternatively, the bonds priced at 135 bps over mid-swaps, also tight to initial talk in the mid-swaps plus 160 bps to 170 bps area.
Each tranche features an 80% clean-up call and an early redemption option for taxation reasons.
The three-year bonds are callable with a Bunds plus 25 bps premium until one month prior to maturity, followed by a par call.
Similarly, the six-year tranche’s make-whole call is at Bunds plus 30 bps until three months prior to maturity and a subsequent par call thereafter.
BNP Paribas, Commerzbank, Credit Agricole CIB (billing and delivery), Mizuho and Standard Chartered Bank AG are the joint bookrunners, with BNP also acting as green structuring adviser.
Proceeds will be allocated to finance and/or refinance, in whole or in part, new or existing eligible green expenditures in line with Siemens Energy’s Green Bond Framework dated January 2023.
Both tranches will be listed on the Euro MTF market of the Luxembourg Stock Exchange.
Siemens is a Munich-based technology conglomerate focused on industry, infrastructure, transport and health care.
| Issuer: | Siemens Energy Finance BV
|
| Guarantor: | Siemens Energy AG
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| Amount: | €1.5 billion
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| Issue: | Green bonds
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| Bookrunners: | BNP Paribas, Commerzbank, Crédit Agricole CIB (B&D), Mizuho and Standard Chartered Bank AG
|
| Green structuring adviser: | BNP Paribas
|
| Calls: | At any time for taxation reasons at par; 80% clean-up call
|
| Pricing date: | March 29
|
| Settlement date: | April 5
|
| Rating: | S&P: BBB
|
| Distribution: | Regulation S
|
|
|
| 2026 bonds
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| Amount: | €750 million
|
| Maturity: | April 5, 2026
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| Coupon: | 4%
|
| Price: | 99.734
|
| Yield: | 4.096%
|
| Spread: | Mid-swaps plus 90 bps, or Bunds plus 158.1 bps
|
| Call: | Make-whole at Bunds plus 25 bps until one month prior to maturity, par call thereafter
|
| Initial talk: | Mid-swaps plus 115 bps to 125 bps area
|
| ISIN: | XS2601458602
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|
|
| 2029 bonds
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| Amount: | €750 million
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| Maturity: | April 5, 2029
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| Coupon: | 4.25%
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| Price: | 99.477
|
| Yield: | 4.351%
|
| Spread: | Mid-swaps plus 135 bps, or Bunds plus 205 bps
|
| Call: | Make-whole at Bunds plus 30 bps until three months prior to maturity, par call thereafter
|
| Initial talk: | Mid-swaps plus 160 bps to 170 bps area
|
| ISIN: | XS2601459162
|
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