Unibail-Rodamco-Westfield (URW) has issued a €750 million green bond with a 7-year maturity (April 2033) and a 3.875% fixed coupon. The bond was priced at Mid Swap +105 basis points, marking the tightest spread achieved by the group since May 2021.
Investor demand was strong, with the order book peaking at €5.1 billion — around 6.8 times oversubscribed — reflecting continued confidence in URW’s credit profile. The bond is rated Baa2 (positive) by Moody’s and BBB+ (stable) by S&P.
Proceeds will be allocated to eligible green assets under URW’s 2022 Green Financing Framework. The framework sets stricter environmental criteria than its predecessor, including higher energy performance standards, a requirement for BREEAM “Excellent” certification, and stronger integration with public transport.
The transaction strengthens URW’s liquidity position and extends its debt maturity profile. Settlement and listing on Euronext Paris are scheduled for April 21, 2026.
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