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Published on 9/10/2021 in the Prospect News Green Finance Daily and Prospect News Investment Grade Daily.

New Issue: Denso sells $500 million 1.239% five-year sustainability notes

By Cristal Cody

Chicago, Sept. 10 – Denso Corp. sold $500 million of 1.239% five-year sustainability notes (A2/A+) on Thursday, a market source reported.

The notes priced with a Treasuries plus 45 basis points spread, low to tightened spread talk in the 65 bps area.

Initial spread talk had expected the notes in the 70 bps area.

BofA Securities, Inc., Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC are bookrunners for the Rule 144A and Regulation S transaction.

Denso is an auto parts maker with headquarters in Kariya, Japan. The company is historically related to the Toyota Group.

Issuer:Denso Corp.
Issue:Sustainability notes
Amount:$500 million
Maturity:Sept. 16, 2026
Bookrunners:BofA Securities, Inc., Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC
Coupon:1.239%
Spread:Treasuries plus 45 bps
Trade date:Sept. 9
Ratings:Moody’s: A2
S&P: A+
Distribution:Rule 144A and Regulation S
Price talk:Treasuries plus 65 bps area; tightened from earlier talk in Treasuries plus 70 bps area

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