The new EUR 500mn green senior preferred bond has a 5-years tenor and is rated Aa2 by Moody’s and AA- by Fitch. The coupon is 0.375%, and its 0.412% yield is based on a re-offer price of 99.817%.
On 18th January 2022 at 9am CET, Commerzbank, Crédit Agricole, JP Morgan, LBBW and UniCredit, Berlin Hyp’s joint lead managers on this transaction, opened their books with an initial spread guidance of mid swap +45 area basis points. Hauck Aufhäuser Lampe Privatbank acted as a co-lead manager, Crédit Agricole as sole green bond structural advisor.
By 9.45am CET orders worth more than EUR 500mn were already in the books. A second book update, published at 11.25am CET, showed an order volume of more than EUR 1.1bn. At the same time the spread was revised and fixed at mid swap + 30 basis points. Orders from 88 investors for more than EUR 1bn remained in the order book on this final level.
78% of the bond went to German investors, followed by French accounts who bought 12%. Banks and savings banks were allocated 47%, followed by funds with 33% and official institutions with 10%. 40% of the debenture went to dedicated ESG investors.
„Being the most active European bank green bond issuer we’re proud to have taken the next important step. With our new, ambitious, taxonomy-aligned Green Bond Framework we’re setting the course for the future. The positive feedback from investors and their broad demand for our 15th green bond are the best reward we can think of“, says Maria Teresa Dreo-Tempsch, responsible for capital markets in Berlin Hyp’s board of managing directors.
