Chicago, March 7 – Arbejdernes Landsbank priced €300 million of 4.875% green non-preferred senior notes with a five-year tenor (Baa1), according to a market source.
The fixed 4.875% coupon will convert to a floating rate on March 14, 2028. The reset will be one time to Euribor plus 220 basis points.
Pricing at 99.589, the yield was 4.991% with a spread of 220 bps over mid-swaps. Pricing tightened from talk in the 235 bps area.
The issuer may call the notes at par on the March 14, 2028 reset date.
Danske Bank (billing and delivery), BNP Paribas, DZ Bank and Nordea were the joint lead managers.
Including €55 million of interest from the joint lead managers, the order book was around €540 million.
Proceeds will be used for eligible green projects.
The listing will be on Nasdaq Copenhagen.
Arbejdernes Landsbank is based in Copenhagen.
| Issuer: | Arbejdernes Landsbank
|
| Amount: | €300 million
|
| Issue: | Green non-preferred senior notes
|
| Maturity: | March 14, 2029
|
| Bookrunners: | Danske Bank (billing and delivery), BNP Paribas, DZ Bank and Nordea
|
| Coupon: | 4.875%; resets on March 14, 2028 to Euribor plus 220 bps
|
| Price: | 99.589
|
| Yield: | 4.991%
|
| Spread: | Mid-swaps plus 220 bps
|
| Call features: | At par on March 14, 2028
|
| Trade date: | March 5
|
| Settlement date: | March 14
|
| Rating: | Moody’s: Baa1
|
| Price talk: | Mid-swaps plus 235 bps area
|
| Marketing: | Investor calls
|
| ISIN: | DK0030537840
|
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