The bond has a term of 5 years (maturity: 11.07.2028). A Moody's rating of A3 is expected for the unsecured senior preferred benchmark bond.
After NORD/LB had already issued green mortgage Pfandbriefe several times in the past, this issue is the bank's first ever unsecured green benchmark bond. The order book was opened at 09:00. Already one hour after the opening of the order book, subscriptions of more than € 500 million were received. In total, more than orders with a total volume of more than € 800 million were received. The coupon of the bond is 4.875 %. The yield is thus 160 basis points above the 5-year swap rate.
The proceeds of this Green Bond issue will be used exclusively to fund green financing projects. The existing "Green Asset Pool" was expanded by 42 projects from the renewable energy sector, thus underlining the Bank's high commitment to the energy transition.
In addition to NORD/LB itself, ABN Amro, DZ BANK, Natixis, NatWest Markets and UniCredit acted as joint lead managers for the transaction.
NORD/LB Norddeutsche Landesbank is one of the leading German commercial banks. The core business segments include business with corporate customers, private and commercial customers including private banking as well as special finance in the energy and infrastructure sector, aircraft finance and commercial real estate finance. The bank is headquartered in Hanover, Brunswick and Magdeburg and has branches in Bremen, Oldenburg, Hamburg, Schwerin, Düsseldorf and Munich. Outside Germany NORD/LB is represented by a Pfandbrief Bank (NORD/LB Covered Bond Bank) in Luxembourg and branches in London, New York and Singapore.