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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
REAL
PRCD
O
Realty Income Corp€600
1USOA
Jun 29, 2026
currency
EUR
size (m)
600.000
maturity
Jul 30, 2032
type
Fixed
tenor
6.000
call
-
registration
SEC Registered
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A3
s&p
A-
fitch
-
size description
-
re-open/tap
No
ipt
MS+120-125
ipt-pxd
-27.5
guidance
n/a - straight to launch
spread
95
coupon
3.625%
spread set
-
price
99.51800
yield
3.716%
book size (m)
1,200
peak book (m)
1,450
x-covered
2
book attrition
-17.24%
nic
5
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
coordinating managers
-
book size (m)
1,200
peak book (m)
1,450
x-covered
2
book attrition
-17.24%
nic
5
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
coordinating managers
-
Tranche Comments
Book size: 1200; First Pay: 2026-07-30; Registration: SEC Registered; Comments: DBR 0% 02/15/32 (86.413 bid) + 108.7bps | HR 112%. MWC: B+20. Tax Call: Yes. LEI: 549300CUWDAUZSH43859;
Deal Comments
Exp. Size: EUR500m. The deal was upsized from EUR500m to EUR600m
Use of Proceeds
General corporate purposes, which may include, among other things, the repayment or repurchase of Realty Income’s indebtedness (including borrowings under the Company’s revolving credit facilities and commercial paper programs), foreign currency swaps or other hedging instruments, the development, redevelopment and acquisition of additional properties, acquisition or business combination transactions, and the expansion and improvement of certain properties in the Company’s portfolio
Relative Value

6yr (July 2032) @ MS+120 to +125

Implied Spread for fresh 6yr @ MS+90

Priced at MS+95
NIC of +5

COMPS

EUR Comps

Ticker

Issue Date

Ratings

Size (m)

Coupon

Maturity

REALTY INCOME CORP

O

Jul-23

A3/A-/-

550

4.875

Jul-30

REALTY INCOME CORP

O

Jun-25

A3/A-/-

650

3.375

Jun-31

REALTY INCOME CORP

O

Jul-23

A3/A-/-

550

5.125

Jul-34

REALTY INCOME CORP

O

Jun-25

A3/A-/-

650

3.875

Jun-35

SIMON GLOBAL DEV BV

SPG

2026-06-26

A3/A/-

500

3.65

Jun-31

SIMON INTL FINANCE SCA

SPG

Mar-21

A3/A/-

750

1.125

Mar-33

KLEPIERRE SA

LIFP

May-20

-/A-/A

750

2

May-29

KLEPIERRE SA

LIFP

Jul-19

-/A-/A

700

0.625

Jul-30

KLEPIERRE SA

LIFP

Sep-16

-/A-/A

600

1.25

Sep-31

KLEPIERRE SA

LIFP

Dec-17

-/A-/A

800

1.625

Dec-32

KLEPIERRE SA

LIFP

Feb-24

-/A-/A

600

3.875

Sep-33

KLEPIERRE SA

LIFP

Sep-25

-/A-/A

700

3.75

Sep-37

GECINA

GFCFP

Mar-18

A3/A-/-

500

1.625

Mar-30

GECINA

GFCFP

Jun-26

A3/A-/-

500

3.25

Jun-31

GECINA

GFCFP

Jan-22

A3/A-/-

650

0.875

Jan-33

GECINA

GFCFP

Aug-25

A3/A-/-

500

3.375

Aug-35

PROLOGIS EURO FINANCE

PLD

Jan-23

A2/A/-

600

3.875

Jan-30

PROLOGIS EURO FINANCE

PLD

Sep-19

A2/A/-

700

0.625

Sep-31

PROLOGIS EURO FINANCE

PLD

Sep-25

A2/A/-

500

3.25

Sep-32

PROLOGIS EURO FINANCE

PLD

May-23

A2/A/-

750

4.625

May-33

PROLOGIS EURO FINANCE

PLD

May-24

A2/A/-

550

4

May-34

PROLOGIS EURO FINANCE

PLD

Feb-20

A2/A/WD

650

1

Feb-35