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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
MTRL
PRCD
LXSGR
Lanxess AG€500
1EMEA
Jun 17, 2026
currency
EUR
size (m)
500.000
maturity
Jun 24, 2031
type
Fixed
tenor
5.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Ba1
s&p
-
fitch
-
size description
Will Not Grow
re-open/tap
No
ipt
5.00% area
ipt-pxd
-37.5
guidance
4.75% area
spread
183.3
coupon
4.375%
spread set
-
price
98.90600
yield
4.625%
book size (m)
900
peak book (m)
1,500
x-covered
1.8
book attrition
-40.00%
nic
-
billing & delivering
active leads
joint leads
passive leads
-
co-managers
-
coordinating managers
book size (m)
900
peak book (m)
1,500
x-covered
1.8
book attrition
-40.00%
nic
-
billing & delivering
active leads
joint leads
passive leads
-
co-managers
-
coordinating managers
Tranche Comments
Book size: 900; Registration: Reg S Only; Comments: 196.6bps vs. OBL 2 ½ 31 #193 (@ 99.269). MWC: B+30. CoC: Yes. Tax Call: Yes. Clean-Up Call: 80% LEI: 529900PTLRE72EMYIJ77;
Use of Proceeds
The net proceeds of the potential bond offering will be used for general corporate purposes and refinancing of existing indebtedness
Relative Value

COMPS

Main:

Ticker

Issued

Rating (M/S/F)

Cpn

Mat

Tenor

Size

i-Sprd

Yield

LXSGR

Mar-22

Ba1/NR/-

1.75%

Mar-28

1.8

€600m

108

3.84%

LXSGR

Dec-21

Ba1/NR/-

0.63%

Dec-29

3.5

€600m

126

4.02%

HY References:

Ticker

Issued

Rating (M/S/F)

Cpn

Mat

Tenor

Size

i-Sprd

Yield

AZELIS

Sep-24

-/BB+/BB+

4.75%

Sep-29

3.3

€600m

127

4.21%

AZELIS

Mar-26

-/BB+/BB+

4.13%

Mar-31

4.7

€400m

156

4.31%

CE

Jul-22

Ba2/BB/BB+

6.34%

Jan-29

2.6

€500m

133

4.21%

CE

Mar-25

Ba2/BB/BB+

5.00%

Apr-31

4.8

€750m

209

4.85%

IG References:

Ticker

Issued

Rating (M/S/F)

Cpn

Mat

Tenor

Size

i-Sprd

Yield

AKZANA

Jun-26

Baa3/BBB/-

3.63%

Jun-29

3

€750m

70

3.45%

AKZANA

Mar-26

Baa3/BBB/-

4.00%

Mar-31

4.8

€600m

96

3.75%

CLNVX

Jun-26

-/BBB-/-

4.13%

Jan-32

5.6

€500m

132

4.13%

NK

May-21

Baa3/BBB-/-

1.00%

Jul-31

5.1

€300m

107

3.87%

NK

Nov-25

Baa3/BBB-/-

4.00%

Nov-32

6.4

€600m

131

4.16%

IMCDNA

Sep-24

Baa3/-/BBB-

3.63%

Apr-30

3.9

€500m

89

3.65%

SNFF

Mar-25

-/BBB-/-

4.50%

Mar-32

5.8

€550m

147

4.29%

SOLBBB

Apr-24

-/BBB-/-

4.25%

Oct-31

5.3

€750m

105

3.86%