By Rebecca Melvin
Concord, N.H., May 10 – NN Bank NV sold its first green bond (AAA) on Tuesday, according to information from a syndicate source.
The €500 million 1.875% soft-bullet covered bond priced at 99.369 to yield 1.945%, or mid-swaps plus 7 basis points.
The notes, which mature on May 17, 2032, were issued under the Nationale-Nederlanden Bank NV €7.5 billion covered bond program dated June 29, 2021.
Proceeds will be used for financing or refinancing an eligible green loan portfolio under the green bond framework dated June 2021.
Credit Suisse, DZ Bank, ING, Natixis and Rabobank are the joint bookrunners.
The retail bank is based in the Netherlands.
| Issuer: | NN Bank NV
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| Amount: | €500 million
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| Issue: | Green covered bonds
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| Maturity: | May 17, 2032
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| Bookrunners: | Credit Suisse, DZ Bank, ING, Natixis and Rabobank
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| Coupon: | 1.875%
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| Price: | 99.369
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| Yield: | 1.945%
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| Spread: | Mid-swaps plus 7 bps
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| Trade date: | May 10
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| Settlement date: | May 17
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| Rating: | S&P: AAA
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| Distribution: | Regulation S
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| ISIN: | NL0015000WP1
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