Chicago, March 7 – NTT Finance Corp. priced €700 million of 3.359% seven-year green bonds (A1/A), according to a market source.
The senior-ranked debt priced at par, or at mid-swaps plus 73 basis points. Initial talk was in the 105 bps area.
If the bonds are called early, there will be a Bunds plus 20 bps make-whole premium until the three-month par call period.
J.P. Morgan was handling billing and delivery. Morgan Stanley, BofA Securities, Citigroup, BNP Paribas and Goldman Sachs were also joint bookrunners.
Allocations came from a final order book above €2.1 billion.
Proceeds will be loaned to NTT Group to finance new or existing projects as defined by the green finance framework.
The listing will be in Singapore.
The telecom and IT company is based in Tokyo.
| Issuer: | NTT Finance Corp.
|
| Amount: | €700 million
|
| Issue: | Senior green bonds
|
| Maturity: | March 12, 2031
|
| Bookrunners: | J.P. Morgan (billing and delivery), Morgan Stanley, BofA Securities, Citigroup, BNP Paribas and Goldman Sachs
|
| Green assessor: | Sustainalytics
|
| Coupon: | 3.359%
|
| Price: | Par
|
| Yield: | 3.359%
|
| Spread: | Mid-swaps plus 73 bps, or Bunds plus 111.5 bps
|
| Call features: | Make-whole call at Bunds plus 20 bps; three-month par call
|
| Trade date: | March 5
|
| Settlement date: | March 12
|
| Ratings: | Moody’s: A1
|
| S&P: A
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 105 bps area
|
| ISIN: | XS2778374129
|
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