CA Immo places €300M green bond, 5x oversubscribed
What's the deal? CA ImmoDealroom has a profile for this one. Try Dealroom → has placed a €300 million green bond, drawing demand from roughly 70 investors and a final order book more than five times oversubscribed.
The three-year, unsecured bond carries a 3.5% annual coupon and an investment grade Baa3 rating from MoodyDealroom has a profile for this one. Try Dealroom →'s. Crédit Agricole CIB, Deutsche BankDealroom has a profile for this one. Try Dealroom →, Erste GroupDealroom has a profile for this one. Try Dealroom →, and UniCredit acted as joint lead managers and bookrunners.
Why now? The Austrian real estate group plans to use the proceeds to refinance a bond maturing in February 2027, smoothing out its maturity profile.
Chief financial officer Andreas Schillhofer said the timing was deliberate. "In a volatile market environment, we have successfully demonstrated that we opportunistically exploit attractive time windows for unsecured financing," he said.
The funds will also back eligible projects under CA Immo's April 2024 Green Financing Framework, each developed to strict sustainability standards.
What could go wrong? CA Immo flags that investing in its securities carries high risk, including the potential total loss of capital invested.
The company is applying to admit the bond to trading on the Vienna Stock Exchange.
The signal: A five-times-oversubscribed book from around 70 investors shows that mature, Vienna-based players like CA Immo can still tap deep demand for unsecured green debt despite a volatile market. The lineup of corporate backers — Crédit Agricole CIB, Deutsche Bank, Erste Group, and UniCredit — underlines the company's continued access to capital markets as it pushes its Prime Office strategy across Central Europe.
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