SNG issues £250 million sustainability bonds under EMTN programme
We've raised £250 million in our debut drawdown under our newly-established £1.5 billion Euro Medium Term Note (“EMTN”) programme. The funding, raised under SNG’s Sustainable Finance Framework, will support strategic objectives to deliver quality homes and places for customers.
The issue attracted a very strong orderbook nearly four times over-subscribed at its peak. The 15-year tenor was well received by markets and priced at G+95bps, with an all-in rate of 6.203%.
The deal benefited from strong investor engagement with a peak orderbook of over £900 million.
Peter Benz, SNG’s Chief Finance Officer, commented: “We’re very pleased with the successful completion of our £250 million drawdown, the first under SNG’s EMTN programme. The transaction reflects strong investor appetite for our credit and purpose, and was executed seamlessly thanks to excellent collaboration with our banking syndicate and advisors. The proceeds will support our objective to deliver an aspirational programme of new affordable homes, aligned with our Sustainable Finance Framework and long-term funding strategy.”