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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
COMM
PRCD
ORAFP
Orange SA€850
1EMEA
Jun 15, 2026
currency
EUR
size (m)
850.000
maturity
-
type
Fixed Rate Reset
tenor
Perp
call
7.00
registration
Reg S Only
benchmark
Swaps
ranking
Subordinated
moody's
Baa3
s&p
BBB-
fitch
BBB-
size description
-
re-open/tap
No
ipt
5.00% area
ipt-pxd
-62.5
guidance
4.50% area (+/-12.5)
spread
150.3
coupon
4.25%
spread set
-
price
99.26000
yield
4.375%
book size (m)
4,500
peak book (m)
6,750
x-covered
5.29
book attrition
-33.33%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
4,500
peak book (m)
6,750
x-covered
5.29
book attrition
-33.33%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 4500; First Pay: 2027-06-25; Redemption: 2033-03-25; Registration: Reg S Only; Comments: DBR 2.3 33 TWIN + 160.8bps (@ 97.186) FRTR 3 05/25/33 + 108.9bps (@ 98.251). MWC: OAT+20. Tax Call: Yes. Clean-Up Call: 75%. LEI: 969500MCOONR8990S771;
Use of Proceeds
General corporate purposes including the refinancing of the outstanding €499,998,000
Relative Value

COMPS

Bonds

Ticker

Ratings

Size (m)

Coupon

Call Date

Years to Call

Yield to Call

Reset Date

Yield to Reset

Issue Date

ORANGE SA

ORAFP

Baa3/BBB-/BBB-

700

4.5

Dec-30

4.5

4.083

Mar-31

4.099

Apr-24

ORANGE SA

ORAFP

Baa3/BBB-/BBB-

750

3.875

Mar-32

5.8

4.298

Jun-32

4.279

Jun-25