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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
UTIL
PRCD
RWE
RWE Finance Europe BV€1,500
2EMEA
Jun 29, 2026
currency
EUR
size (m)
750.000
maturity
Jul 6, 2032
type
Fixed
tenor
6.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa2
s&p
-
fitch
BBB+
size description
-
re-open/tap
No
ipt
MS+105 area
ipt-pxd
-32
guidance
MS+75 area
spread
73
coupon
3.375%
spread set
-
price
99.35000
yield
3.497%
book size (m)
2,400
peak book (m)
2,600
x-covered
3.2
book attrition
-7.69%
nic
13
billing & delivering
active leads
joint leads
-
passive leads
co-managers
-
coordinating managers
-
book size (m)
2,400
peak book (m)
2,600
x-covered
3.2
book attrition
-7.69%
nic
13
billing & delivering
active leads
joint leads
-
passive leads
co-managers
-
coordinating managers
-
currency
EUR
size (m)
750.000
maturity
Jul 6, 2037
type
Fixed
tenor
11.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa2
s&p
-
fitch
BBB+
size description
-
re-open/tap
No
ipt
MS+140 area
ipt-pxd
-30
guidance
MS+115 area
spread
110
coupon
4.00%
spread set
-
price
99.54600
yield
4.052%
book size (m)
2,100
peak book (m)
2,300
x-covered
2.8
book attrition
-8.70%
nic
15
billing & delivering
active leads
joint leads
-
passive leads
co-managers
-
coordinating managers
-
book size (m)
2,100
peak book (m)
2,300
x-covered
2.8
book attrition
-8.70%
nic
15
billing & delivering
active leads
joint leads
-
passive leads
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 2400; Registration: Reg S Only; Comments: DBR 0% Feb-2032 @ 86.40%. HR = 112%. CoC: 100%. Tax Call: Yes. Clean-Up Call: 80%. LEI: 5299009OE63JPUILOJ73; Book size: 2100; Registration: Reg S Only; Comments: DBR 4% Jan-2037 @ 109.655%. HR = 92%. CoC: 100%. Tax Call: Yes. Clean-Up Call: 80%. LEI: 5299009OE63JPUILOJ73;
Guarantor(s)
RWE AG
Use of Proceeds
Finance and refinance new and existing Green Projects that satisfy the Eligible Asset criteria defined in the Green Financing Framework
Relative Value

Green
6yr (July 2032) @ MS+105 area

Implied Spread for fresh 6yr @ MS+60

Priced at MS+73
NIC of +13



Green
11yr (July 2037) @ MS+140 area

Implied Spread for fresh 11yr @ MS+95

Priced at MS+110
NIC of +15

COMPS

RWE Secondary Curve:

RWE

Baa2/-/BBB+

0.63%

Jun-2031

+34

RWE

Baa2/-/BBB+

3.63%

Jan-2032

+54

RWE

Baa2/-/BBB+

1.00%

Nov-2033

+74

RWE

Baa2/-/BBB+

4.13%

Feb-2036

+80

Recent EUR Utility Issuance:

AMPRIO

Baa2/-/A-

3.16%

Jan-2031

+64

EOANGR

Baa2/BBB+/A-

3.48%

May-2031

+57

ENGIFP

Baa1/BBB+/BBB+

3.38%

Jul-2032

+65

ACEIM

Baa2/-/BBB+

3.38%

Jul-2032

+65

EOANGR

Baa2/BBB+/A-

4.05%

May-2036

+91

AMPRIO

Baa2/-/A-

4.07%

Jan-2038

+104

SRGIM

Baa1/A-/BBB+

3.88%

Jun-2036

+93

ENGIFP

Baa1/BBB+/BBB+

4.00%

Jul-2038

+102