SpareBank 1 leads way with first wholly green residential covered bond
Norway's SpareBank 1 Boligkreditt has issued the first covered bond secured solely on energy-efficient green homes. The €1bn transaction was priced almost flat to fair value and placed with a newly diversified group of investors.
After marketing its green programme last week, SpareBank 1 opened order books on Tuesday for a seven year euro benchmark, rated Aaa, with initial guidance of 3bp through mid-swaps.The order book was quick to build, enabling lead managers Deutsche Bank, Natixis, UniCredit — and sole structurer ING — ...
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