Credit Suisse and SpareBank 1 priced deals in senior format this week, choosing longer maturities to avoid entering negative yield territory. SpareBank 1’s €500m green bond attracted demand of €700m but leads were not able to tighten pricing to the tight end of their price guidance.
SpareBank 1 chose BNP Paribas, Commerzbank, Credit Suisse and ING to run the books on the seven year preferred senior bond.
Leads started out with initial price thoughts of 70bp area over mid-swaps and were able to tighten to guidance of 60bp-65bp over.
Before pricing, a banker away from the