Chicago, March 13 – Fingrid Oyj priced €500 million of 3.25% 10-year green bonds (A+/AA-) on Wednesday, according to a market source.
The bonds priced at 99.254 to yield 3.339%, or at mid-swaps plus 73 basis points.
Initial talk was mid-swaps plus 105 bps to 110 bps. Guidance during pricing moved them into the mid-swaps plus 80 bps area.
Any early redemption will be at a Bunds plus 15 bps make-whole premium until the three-month par call.
ING (billing and delivery), BNP Paribas, Danske Bank and Nordea were the active joint bookrunners for the Regulation S deal.
The deal size was set during marketing.
Allocations came from a €2.3 billion order book.
Proceeds will be applied to eligible green projects.
The listing will be in Dublin.
The issuer is a Finnish national electricity transmission grid operator.
| Issuer: | Fingrid Oyj
|
| Amount: | €500 million
|
| Issue: | Green bonds
|
| Maturity: | March 20, 2034
|
| Bookrunners: | ING (billing and delivery), BNP Paribas, Danske Bank and Nordea
|
| Second opinion: | ISS Corporate Solutions
|
| Coupon: | 3.25%
|
| Price: | 99.254
|
| Yield: | 3.339%
|
| Spread: | Mid-swaps plus 73 bps
|
| Call features: | Make-whole call at Bunds plus 15 bps; three-month par call
|
| Trade date: | March 13
|
| Settlement date: | March 20
|
| Ratings: | S&P: A+
|
| Fitch: AA-
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 105 bps to 110 bps
|
| Marketing: | Roadshow
|
| ISIN: | XS2784700671
|
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