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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
UTIL
PRCD
ENGIFP
Engie SA€1,600
2EMEA
Jun 24, 2026
currency
EUR
size (m)
850.000
maturity
Jul 1, 2032
type
Fixed
tenor
6.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa1
s&p
BBB+
fitch
A-
size description
-
re-open/tap
No
ipt
MS+100 area
ipt-pxd
-35
guidance
MS+65 #
spread
65
coupon
3.375%
spread set
-
price
99.72200
yield
3.427%
book size (m)
1,800
peak book (m)
3,200
x-covered
2.12
book attrition
-43.75%
nic
3
billing & delivering
active leads
joint leads
-
passive leads
co-managers
-
coordinating managers
-
book size (m)
1,800
peak book (m)
3,200
x-covered
2.12
book attrition
-43.75%
nic
3
billing & delivering
active leads
joint leads
-
passive leads
co-managers
-
coordinating managers
-
currency
EUR
size (m)
750.000
maturity
Jul 1, 2038
type
Fixed
tenor
12.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa1
s&p
BBB+
fitch
A-
size description
-
re-open/tap
No
ipt
MS+135 area
ipt-pxd
-32
guidance
MS+103#
spread
103
coupon
4.00%
spread set
-
price
99.74700
yield
4.027%
book size (m)
1,600
peak book (m)
2,600
x-covered
2.13
book attrition
-38.46%
nic
1
billing & delivering
active leads
joint leads
-
passive leads
co-managers
-
coordinating managers
-
book size (m)
1,600
peak book (m)
2,600
x-covered
2.13
book attrition
-38.46%
nic
1
billing & delivering
active leads
joint leads
-
passive leads
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 1800; Registration: Reg S Only; Comments: DBR 0.00% 2/32 @ 86.345% (2.637%). MWC: B+15. Clean-Up Call: 75%. LEI: LAXUQCHT4FH58LRZDY46; Book size: 1600; Registration: Reg S Only; Comments: DBR 1.00% 5/38 @ 79.72% (3.061%). MWC: B+15. Clean-Up Call: 75%. LEI: LAXUQCHT4FH58LRZDY46;
Use of Proceeds
An amount equal to the net proceeds will be used by the Issuer to : finance or refinance part of the acquisition of 100% of UK Power Networks, a pure player in transmission and distribution of electricity , and/or to finance or refinance in whole or in part, other existing or future Eligible Green Projects, both in accordance with the Issuer’s Green Financing Framework
Relative Value

Green
6yr (July 2032) @ MS+100 area

Implied Spread for fresh 6yr @ MS+62

Priced at MS+65
NIC of +3

Green
12yr (July 2038) @ MS+135 area

Implied Spread for fresh 12yr @ MS+102

Priced at MS+103
NIC of +1

COMPS

Issuer

Coupon (%)

Maturity Date

Ratings

Term (Yrs)

MS+

ENGIFP

3.875

1/6/31

Baa1/BBB+/BBB+

4.5

53

ENGIFP

3.625

3/6/31

Baa1/BBB+/BBB+

4.7

55

ENGIFP

3.25

1/--/32

Baa1/BBB+/BBB+

5.6

61

ENGIFP

2.125

3/30/32

Baa1/BBB+/BBB+

5.8

59

ENGIFP

1.875

9/19/33

Baa1/BBB+/BBB+

7.2

79

ENGIFP

3.875

12/6/33

Baa1/BBB+/BBB+

7.5

73

ENGIFP

4.25

9/6/34

Baa1/BBB+/BBB+

8.2

84

ENGIFP

4

1/11/35

Baa1/BBB+/BBB+

8.6

88

ENGIFP

1.5

3/13/35

Baa1/BBB+/BBB+

8.7

86

ENGIFP

3.875

3/6/36

Baa1/BBB+/BBB+

9.7

87

ENGIFP

1

10/26/36

Baa1/BBB+/BBB+

10.3

77

ENGIFP

3.875

9/11/37

Baa1/BBB+/BBB+

11.2

95

ENGIFP

2

9/28/37

Baa1/BBB+/BBB+

11.3

93

ENGIFP

1.375

6/21/39

Baa1/BBB+/BBB+

13

101

ENGIFP

1.25

10/24/41

Baa1/BBB+/BBB+

15.3

124

ENGIFP

4.5

9/6/42

Baa1/BBB+/BBB+

16.2

130