Content area
Full Text
The green bonds sold on Friday March 20 by Paprec Group, the French waste recycling company, are the fourth such bond in the high yield market, according to Standard & Poor's research.
Paprec priced the EUR 290m seven year secured tranche to yield 5.25%, or 528bp over the 2% 2022 Bund.
The second tranche, EUR 185m of eight year subordinated notes, was priced to yield 7.375% or 734bp over the 1.5% 2023 Bund. Both tranches are non-call three years.
Both tranches were priced tighter than their guidance, of 5.5% and 7.5%. Expected ratings are B1/B+ and B2/B-.
Credit Suisse (billing and delivering) and BNP Paribas were...