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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
FNCL
PRCD
BPCEGP
BPCE SA€1,000
1EMEA
Jun 16, 2026
currency
EUR
size (m)
1,000.000
maturity
Jan 3, 2034
type
Fixed to Floating
tenor
7.500
call
6.50
registration
Reg S Only
benchmark
Swaps
ranking
Senior Non-Preferred
moody's
Baa1
s&p
BBB+
fitch
A
size description
-
re-open/tap
No
ipt
MS+130-135 area
ipt-pxd
-25.5
guidance
n/a - straight to launch
spread
107
coupon
3.875%
spread set
-
price
99.89300
yield
3.897%
book size (m)
3,100
peak book (m)
3,100
x-covered
3.1
book attrition
0.00%
nic
9
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
3,100
peak book (m)
3,100
x-covered
3.1
book attrition
0.00%
nic
9
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 3100; Redemption: 2033-01-03; Registration: Reg S Only; Comments: DBR 2.5 15/11/32 + 116,7 bps (98,65%), 0.98 HR. Tax Call: Yes. Regulatory Call: Yes. LEI: 9695005MSX1OYEMGDF46;
Deal Comments
UPDATE: Spread Set at MS+107. Exp. Size: EUR1bn-EUR1.25bn
Use of Proceeds
General Corporate Purposes
Relative Value

Senior Non-Preferred

7.5NC6.5 (Jan 2034) @ MS+130 to +135

Implied Spread for fresh 7.5NC6.5 @ MS+98

Priced at MS+107
NIC of +9


COMPS

TICKER

CPN

MATURITY

Next Call date

SIZE

I spd Bid

BPCEGP

3,625

01/10/2033

01/10/2032

1000

95

BPCEGP

4,000

20/01/2034

20/01/2033

1250

100

BPCEGP

4,750

14/06/2034

14/06/2033

750

96

BPCEGP

4,250

11/01/2035

11/01/2034

1000

98

BFCM

3,500

21/07/2033

21/07/2032

1000

90

BFCM

4,125

26/05/2035

26/05/2034

1250

100

BNP

3,494

17/09/2033

17/09/2032

1500

89

BNP

3,739

20/04/2034

20/04/2033

1500

95