Covivio's €500m green bond 4 times oversubscribed

French listed property group Covivio said this week that it has priced a €500 mln green bond, maturing in June 2032.

Proving the bond investor’s appetite and their confidence in the group’s credit profile, this issuance was close to 4 times oversubscribed. 

The proceeds will be used to finance or refinance the firm's green assets.

The spread of the bond issuance is 168 bps at 8.5 years for a coupon of 4.625%. The fixed rate of the issue will be largely swapped into floating rate, to take advantage of the group's strong hedging position (90% of debt hedged at end-2023; 5.8-year average hedging maturity).

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