Nordic retail specialist Citycon said on Friday that it decided to increase the size of its green bond offering from €300 to €350 mln after receiving subscriptions for nearly five times the original offer amount.
Citycon placed the seven-year senior unsecured fixed-rate EUR-denominated bond with a coupon of 1.625%, nearly approaching pre-Covid levels.
The net proceeds from the offering will be used to finance and re-finance green assets and projects, the company added.
‘The demand for the bond was extremely strong with an orderbook close to five times over-subscribed,’ said CFO Eero Sihvonen. ‘We are delighted to see that the spreads have returned to pre-Covid levels. The new issue premium is one of the lowest for any corporate Eurobond in 2021 and the coupon is the second lowest in the company’s history. This once again highlights the quality of our credit and our access to the capital market.’
Danske Bank, Deutsche Bank, Nordea Bank and OP Corporate Bank acted as active joint bookrunners and SEB and Swedbank as passive joint bookrunners.
