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Vonovia SE
Vonovia SE

Vonovia SE (ANNGR)

Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
REAL
PRCD
ANNGR
Vonovia SE€2,000
3EMEA
Jun 29, 2026
currency
EUR
size (m)
900.000
maturity
Jul 6, 2031
type
Fixed
tenor
5.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa1
s&p
BBB+
fitch
BBB+
size description
-
re-open/tap
No
ipt
MS+120 area
ipt-pxd
-32
guidance
MS+90 area
spread
88
coupon
3.50%
spread set
-
price
99.47300
yield
3.617%
book size (m)
2,700
peak book (m)
2,800
x-covered
3
book attrition
-3.57%
nic
15
billing & delivering
JPM
active leads
BNP,ING,JPM,UBS
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,700
peak book (m)
2,800
x-covered
3
book attrition
-3.57%
nic
15
billing & delivering
JPM
active leads
BNP,ING,JPM,UBS
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
600.000
maturity
Jan 6, 2035
type
Fixed
tenor
8.500
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa1
s&p
BBB+
fitch
BBB+
size description
-
re-open/tap
No
ipt
MS+155 area
ipt-pxd
-32
guidance
MS+125 area
spread
123
coupon
4.00%
spread set
-
price
99.39800
yield
4.088%
book size (m)
1,100
peak book (m)
2,000
x-covered
1.83
book attrition
-45.00%
nic
1
billing & delivering
JPM
active leads
BNP,ING,JPM,UBS
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,100
peak book (m)
2,000
x-covered
1.83
book attrition
-45.00%
nic
1
billing & delivering
JPM
active leads
BNP,ING,JPM,UBS
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
500.000
maturity
Jul 6, 2038
type
Fixed
tenor
12.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa1
s&p
BBB+
fitch
BBB+
size description
-
re-open/tap
No
ipt
MS+175-180
ipt-pxd
-29.5
guidance
MS+150 area
spread
148
coupon
4.375%
spread set
-
price
99.15000
yield
4.468%
book size (m)
1,500
peak book (m)
1,600
x-covered
3
book attrition
-6.25%
nic
13
billing & delivering
JPM
active leads
BNP,ING,JPM,UBS
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,500
peak book (m)
1,600
x-covered
3
book attrition
-6.25%
nic
13
billing & delivering
JPM
active leads
BNP,ING,JPM,UBS
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 2700; Registration: Reg S Only; Comments: OBL 2 ½ 04/16/31 +101.3 (99.52) / HR 101%. MWC: B+20. CoC: Yes. Tax Call: Yes. Clean-Up Call: 80%. LEI: 5299005A2ZEP6AP7KM81; Book size: 1100; Registration: Reg S Only; Comments: DBR 2.6 08/15/34 +130.2 (98.66) / HR 99%. MWC: B+20. CoC: Yes. Tax Call: Yes. Clean-Up Call: 80%. LEI: 5299005A2ZEP6AP7KM81; Book size: 1500; Registration: Reg S Only; Comments: DBR 1 05/15/38 +140.6 (79.73) / HR 105%. MWC: B+25. CoC: Yes. Tax Call: Yes. Clean-Up Call: 80%. LEI: 5299005A2ZEP6AP7KM81;
Use of Proceeds
5yr: Financing Eligible Social Assets in line with the Sustainable Finance Framework; 8.5yr: Financing Eligible Green Assets in line with the Sustainable Finance Framework; 12yr: GCP and financing purposes of the Group, including tender offers
Relative Value

Social
5yr (July 2031) @ MS+120 area

Implied Spread for fresh 5yr @ MS+73

Priced at MS+88
NIC of +15



Green
8.5yr (Jan 2035) @ MS+155 area

Implied Spread for fresh 8.5yr @ MS+122

Priced at MS+123
NIC of +1



12yr (July 2038) @ MS+175 to +180

Implied Spread for fresh 12yr @ MS+135

Priced at MS+148
NIC of +13

COMPS

Ticker

Rating (M/S/F)

Amt

Coupon

Maturity

i-sprd

Years

ANNGR

Baa1/BBB+/BBB+

500

2.25

Apr-30

68

3.8

ANNGR

Baa1/BBB+/BBB+

750

1

Jul-30

72

4

ANNGR

Baa1/BBB+/BBB+

750

5

Nov-30

71

4.4

ANNGR

-/BBB+/BBB+

600

0.625

Mar-31

68

4.7

ANNGR

Baa1/BBB+/BBB+

850

2.375

Mar-32

88

5.7

ANNGR

Baa1/BBB+/BBB+

1250

0.75

Sep-32

97

6.2

ANNGR

Baa1/BBB+/BBB+

800

3.5

Nov-32

98

6.4

ANNGR

Baa1/BBB+/BBB+

1000

1

Jun-33

111

7

ANNGR

Baa1/BBB+/BBB+

850

4.25

Apr-34

115

7.8

ANNGR

Baa1/BBB+/BBB+

500

1.125

Sep-34

121

8.2

ANNGR

Baa1/BBB+/BBB+

850

4

Nov-36

125

10.4

ANNGR

Baa1/BBB+/BBB+

500

2.75

Mar-38

131

11.7

ANNGR

Baa1/BBB+/BBB+

500

1.625

Oct-39

150

13.3

ANNGR

Baa1/BBB+/BBB+

600

4.5

Nov-40

154

14.4

Hide Details

Commentary

All Commentary
CreditFlow: End of Day (Europe IG)Jun 29, 2026
1 to 1 of 1

Deal Flow

All Deal Flow
PRICED: Vonovia SE €2bn 5yr Social, 8.5yr Green & 12yr Sr Unsec; MS+88, MS+123 & MS+148Jun 29, 2026
ALLOCATIONS OUT: Vonovia SE €2bn 5yr Social, 8.5yr Green & 12yr Sr Unsec; MS+88bp, MS+123bp & MS+148bpJun 29, 2026
LAUNCHED: Vonovia SE €2bn 5yr Social, 8.5yr Green & 12yr Sr Unsec; MS+88bp, MS+123bp & MS+148bpJun 29, 2026
GUIDANCE: Vonovia SE € bmk 5yr Social, 8.5yr Green & 12yr Sr Unsec; MS+90#, MS+125# & MS+150#Jun 29, 2026
NEW ISSUE: Vonovia SE € 5yr Social, 8.5yr Green & 12yr Sr Unsec; MS+120a, MS+155a & MS+175/180bpJun 29, 2026
1 to 5 of 5
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About
Careers
Contact
Solutions
API Overview
API Documentation
Global Issuers List
Global Parents List
Pricing
OpenMarket Profiles
Career Portal
CapEdge
CreditFlow
Deal Roadshow
DealVDR
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More
Americas
+1 888 997 6610
APAC
+852 3018 1600
EMEA
+44 80817 87364
support@creditflowresearch.com
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