LondonMetric Property has successfully priced a £500m debut senior unsecured green bond issuance as part of its £3bn euro medium term note programme.
The bonds have a weighted average coupon of 4.69%, a weighted average maturity of 5.5 years and comprise two tranches: £250m with a four-year maturity and a 4.50% coupon, and £250m with a seven-year maturity and a 4.875% coupon.
LondonMetric said the bond issue generated “substantial and broad institutional demand” across both tranches and was 3.2x oversubscribed at the peak.
Martin McGann, finance director of LondonMetric, said: “We are delighted with the very strong support for our debut bond issuance which builds on our recent credit rating and reflects our significantly increased scale and high quality income focused portfolio. This bond issue further diversifies our funding sources at highly attractive coupons and lengthens our debt maturity. We thank all those investors that participated in the issuance process and look forward to extending these new relationships.”
The active joint bookrunners for the transaction were ABN AMRO, Barclays, HSBC and NatWest. The passive joint bookrunners were JP Morgan, Lloyds and SMBC.
