A Repsol logo at a petrol station in Bormujos near the Andalusian capital of Seville, southern Spain March 3, 2016. REUTERS/Marcelo del Pozo/File Photo
LONDON, June 29 (Reuters) – Spanish oil company Repsol
The launch comes after Repsol presented a new transition financing framework to investors that set forward a sustainability roadmap that is designed to meet its commitment to become a net zero emissions company by 2050. read more
The company has released initial pricing thoughts of 70-75 basis points over the mid-swap rate for the eight year bonds and 90 basis points over the mid-swap rate for the 12-year bonds, the message said.
This translates roughly to a yield of 0.69-0.74% and 1.14% respectively, by Reuters calculations.
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The bonds are due to price later on Tuesday and the coupon will be linked to the company’s targets to reduce its carbon intensity indicators by 12% by 2025 and 25% by 2030, the lead manager said.
Repsol became one of the first oil companies to issue a green bond back in 2017, but was criticised at the time for using that label to raise money which would be spent improving the efficiencies of its refineries.
BBVA, HSBC and Natixis are the global coordinators, with the latter two also serving as sustainability structuring advisers.
Reporting by Abhinav Ramnarayan
Editing by Rachel Armstrong
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