Bankinter launches a €750 million issue of senior unsecured green bonds
The issue, placed in just a few hours, achieved oversubscription of 3.2 times the amount issued, reaching over €2.4 billion.
Summary generated with artificial intelligence:
Today, Bankinter has successfully completed the issue of non-preferred senior green bonds for an amount of €750 million, with a term of eight years and an option for early redemption in the seventh year. This is the second issuance of this kind carried out by the bank, which is aimed at institutional investors.
Demand significantly exceeded supply, reaching €2.4 billion, which is 3.2 times the amount issued and reflects strong investor appetite for these green-labelled products.
In addition, this issue was initially priced at midswap plus 125/130 basis points, with the final pricing set at a much lower level: midswap plus 95 basis points.
The issue has been subscribed by more than 110 institutional investors, the vast majority of whom (95%) were international investors. The coupon will be paid annually on 2 June.
These bonds are intended primarily to finance or refinance the acquisition and development of project finance for renewable energy, green buildings for residential, commercial or public use, as well as projects relating to pollution control and prevention, energy efficiency, sustainable mobility and the circular economy, as defined in the Bank’s Green Bond Framework.
In addition to Bankinter, The joint bookrunners for the transaction were: Barclays, Crédit Agricole CIB, Deutsche Bank and Natixis (B&D). The issue was co-managed by Banco Sabadell and Helaba.
Bankinter is committed to this type of green issuance as part of its sustainability strategy, which forms part of its current 2024-2026 plan, known as “ADN”, centred on the following pillars:
-Responsible action: encompassing issues such as corporate governance, ethics and transparency, human rights and the supply chain.-Differentiation: focused on customers relations, people management, sustainable innovation and engagement with the local community.
-Sustainable business: covering aspects such as climate change risks, natural capital, cybersecurity and sustainable finance.
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