Largest ever orderbook in Euro for EUROFIMA's 5yr benchmark transaction
On 13th July 2022, EUROFIMA successfully issued a new 5-year fixed rate EUR 500 million benchmark due 20th July 2027. The coupon is set at 1.625%, which is equivalent to a spread of MS +8bps and of 93.60bps over Bund.
The transaction saw spread tightening of 2bps following the very strong orderbook, which was 2.5x oversubscribed and the largest book ever achieved in Euro for the issuer. Even issued in a non-green format, the strong demand from ESG investors clearly emphasizes EUROFIMA's status as a 100% climate aligned-issuer and the transaction was supported by EUROFIMA's top-notch ESG ratings.
47 investors participated in the offering from around the world with Central Banks and Official Institution taking 43%, Asset Managers 31%, followed by Pension Funds/Insurance at 13%, Banks at 8% and others at 5%. Regional investor distribution was equally as diverse with 29% of the transaction going to BeNeLux, 29% to Germany/Austria/Switzerland, 16% to Asia, 8% to North America, 7% to France, 6% to Southern Europe and 5% to UK/Ireland.
Use of proceeds will be for internal liquidity needs. The issuer carries an ESG rating of 4.9 (negligible risk) from Sustainalytics, ISS ESG B- (prime) and the deal is listed on the Luxembourg Green Exchange as EUROFIMA is a 100% Climate Aligned issuer.
Read more in our deal review