Chicago, April 3 – Permanent TSB Group Holdings plc priced €500 million of green notes due July 10, 2030 (Baa2//BBB-) on Wednesday, according to information from a market source.
The initial 4.25% coupon will reset.
There is a one-time issuer call on July 10, 2029. If the notes are not called, the rate will reset to the one-year mid-swap rate plus a margin.
Pricing came at 99.657 to yield 4.328%, or at mid-swaps plus 160 basis points. Initial talk was in the mid-swaps plus 195 bps area.
Morgan Stanley & Co. International plc (billing and delivery), BNP Paribas Securities Corp., Goldman Sachs International, Goodbody Stockbrokers UC and UBS Europe SE are the bookrunners.
Allocations came out of an order book that was above 4x deal size.
Proceeds will be used to finance eligible assets through green loans.
The listing will be on Euronext Dublin.
The issuer is a midsize Irish Bank.
| Issuer: | Permanent TSB Group Holdings plc
|
| Amount: | €500 million
|
| Issue: | Green notes
|
| Maturity: | July 10, 2030
|
| Bookrunners: | Morgan Stanley & Co. International plc (billing and delivery), BNP Paribas Securities Corp., Goldman Sachs International, Goodbody Stockbrokers UC and UBS Europe SE
|
| Co-managers: | Cantor Fitzgerald Ireland Ltd, Davy
|
| Coupon: | 4.25% initial rate, resets on July 10, 2029 to the one-year mid-swap rate plus a margin
|
| Price: | 99.657
|
| Yield: | 4.328%
|
| Spread: | Mid-swaps plus 160 bps
|
| Call features: | July 10, 2029
|
| Trade date: | April 3
|
| Settlement date: | April 10
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB-
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 195 bps area
|
| ISIN: | XS2797546624
|
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