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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
UTIL
PRCD
SUEZFP
Suez SA€600
1EMEA
Jun 24, 2026
currency
EUR
size (m)
600.000
maturity
Jun 30, 2036
type
Fixed
tenor
10.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa2
s&p
-
fitch
-
size description
-
re-open/tap
No
ipt
MS+160 area
ipt-pxd
-38
guidance
n/a - straight to launch
spread
122
coupon
4.00%
spread set
-
price
98.89600
yield
4.137%
book size (m)
2,200
peak book (m)
3,200
x-covered
3.67
book attrition
-31.25%
nic
1
billing & delivering
active leads
joint leads
passive leads
-
co-managers
-
coordinating managers
book size (m)
2,200
peak book (m)
3,200
x-covered
3.67
book attrition
-31.25%
nic
1
billing & delivering
active leads
joint leads
passive leads
-
co-managers
-
coordinating managers
Tranche Comments
Book size: 2200; Registration: Reg S Only; Comments: +127.6bps vs DBR 2.9 02/15/36 @100.31% / HR: 96%. MWC: OAT+10. CoC: Yes. Clean-Up Call: 75%. LEI: 5493007LKZ37MXEN5D79";
Deal Comments
Exp. Size: EUR500m
Use of Proceeds
The net proceeds of the issue of the Notes will be used to finance or refinance, in whole or in part, existing or future Eligible Green Projects, as defined in the relevant Final Terms and described in the Issuer’s Green Financing Framework
Relative Value

Green, Senior Unsecured

10yr (Jun 36) @ MS+160 area

Implied Spread for fresh 10yr @ MS+123

Priced at MS+122
NIC of +1

COMPS

Bond

Issuer

Ratings

Tenor

Amount (€m)

Bid i-sprd (bps)

SUEZFP 5 11/03/32

Suez

Baa2 / NR / NR

6.4Y

1075

94

SUEZFP 4 1/2 11/13/33

Suez

Baa2 / NR / NR

7.4Y

750

98

SUEZFP 2 7/8 05/24/34

Suez

Baa2 / NR / NR

7.9Y

1000

103

VIEFP 3.324 06/17/32

Veolia Environnement Sa

Baa1 / BBB / NR

6.0Y

850

69

VIEFP 3.639 01/14/34

Veolia Environnement Sa

Baa1 / BBB / NR

7.6Y

900

84

VIEFP 3.571 09/09/34

Veolia Environnement Sa

Baa1 / BBB / NR

8.2Y

500

83

VIEFP 4.122 04/10/36

Veolia Environnement Sa

Baa1 / BBB / NR

9.8Y

775

102

VIEFP 3.795 06/17/37

Veolia Environnement Sa

Baa1 / BBB / NR

11.0Y

650

101

VIEFP 4.052 01/14/38

Veolia Environnement Sa

Baa1 / BBB / NR

11.6Y

650

102