By Rebecca Melvin
New York, Sept. 10 – Covivio SA priced on Tuesday €500 million of 1.125% 12-year green bonds (BBB+) at 99.554 to yield 1.165%, or a yield spread of mid-swaps plus 120 basis points, according to a syndicate source.
Pricing came at the tight end of guidance for a yield spread of mid-swaps plus 120 bps to 125 bps and initial price talk in the mid-swaps plus 135 bps area.
Banca IMI, BNP Paribas, Credit Agricole CIB, and Natixis are joint bookrunners of the Regulation S senior secured notes, which are expected to settle on Sept. 17.
The proceeds will be used to finance or refinance eligible green projects as described in the issuer’s green bond framework.
Formerly Fonciere des Regions SA, Covivio is a French real estate investment trust.
| Issuer: | Covivio SA
|
| Amount: | €500 million
|
| Description: | Green bond
|
| Maturity: | Sept. 17, 2031
|
| Bookrunners: | Banca IMI, BNP Paribas, Credit Agricole CIB and Natixis
|
| Coupon: | 1.125%
|
| Price: | 99.554
|
| Yield: | 1.165%
|
| Spread: | Mid-swaps plus 120 bps
|
| Trade date: | Sept. 10
|
| Settlement date: | Sept. 17
|
| Rating: | S&P: BBB+
|
| Distribution: | Regulation S
|
| Price talk: | Guided to mid-swaps plus 120-125 bps from initial talk of mid-swaps plus 135 area
|
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