CGD to issue €500 million in green bonds at 3.9%

Caixa Geral de Depósitos (CGD) has gone to the market to float a €500 million “green” debt bond. The bank, led by Paulo Macedo, seeks to place bonds with a six-year maturity, which can be redeemed one year earlier.

At the opening of the order books, the premium is between 100 and 105 basis points above the “mid swap” for this maturity, currently at 2.97%. In other words, CGD’s debt points to an interest payment between 3.97% and 4.02%. This information is being reported by the Bloomberg financial news agency, which cites a source familiar with the process.

According to the information released, CGD plans to issue “callable” debt, meaning the issuer can reimburse investors before the issue’s maturity date, in this case, in the fifth year after subscription. This is senior debt, which means it has priority over other types of debt.

The reference to “green” debt refers to financing that is raised and will be used for projects with sustainable environmental purposes. This debt is also known as “green bond” issuance.

Last September, the public bank also issued €500 million in green debt, paying 3% interest. At the time, demand was seven times higher than supply.

Source: Negócios; Credits: MIGUEL A. LOPES/LUSA
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