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Iliad Group
Iliad SA

Iliad SA (ILDFP)

Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
HYC
COMM
PRCD
ILDFP
Iliad SA€650
1EMEA
Jul 15, 2026
currency
EUR
size (m)
650.000
maturity
Oct 15, 2031
type
Fixed
tenor
5.250
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Ba1
s&p
BB+
fitch
BB+
size description
-
re-open/tap
No
ipt
4.50%-4.625%
ipt-pxd
-43.75
guidance
n/a - straight to launch
spread
112.8
coupon
4.125%
spread set
-
price
99.97700
yield
4.125%
book size (m)
1,350
peak book (m)
2,000
x-covered
2.08
book attrition
-32.50%
nic
-
billing & delivering
SOC
active leads
BBV,HLB,ING,MUF,...
joint leads
-
passive leads
BLB,BRC,CMZ,CRC,...
co-managers
BOC,DCR,ICB,SAB
coordinating managers
-
book size (m)
1,350
peak book (m)
2,000
x-covered
2.08
book attrition
-32.50%
nic
-
billing & delivering
SOC
active leads
BBV,HLB,ING,MUF,...
joint leads
-
passive leads
BLB,BRC,CMZ,CRC,...
co-managers
BOC,DCR,ICB,SAB
coordinating managers
-
Tranche Comments
Book size: 1350; Registration: Reg S Only; Comments: DBR 0 8/15/31 +128.7 (Spot 86.75). MWC: B+20. CoC: Yes. Clean-Up Call: 75%. LEI: 969500FZ9BTRZS3JNB97;
Deal Comments
This deal was upsized from EUR500m to EUR650m
Use of Proceeds
General corporate purposes of the Group, including to refinance the Issuer’s outstanding €750,000,000 5.375 per cent. Bonds due 14 June 2027 (ISIN: FR001400EJI5) (the “Existing Bonds”), which will be redeemed through the exercise by the Issuer of the make-whole call option in accordance with Condition 4(c) of the terms and conditions of the Existing Bonds
Relative Value

COMPS

Issuer

Announced

Next Call Date

Amt

Moody's

S&P

Fitch

Coupon

YTM

YTW

Z Spread

Iliad SA

Feb-23

Nov-29

500

Ba1

BB+

BB+

5.625

3.93

3.82

92

Iliad SA

Apr-24

Feb-31

500

Ba1

BB+

BB+

5.375

3.97

3.91

98

Iliad SA

Sep-25

Oct-31

600

Ba1

BB+

BB+

4.25

4.14

4.13

119

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Deal Flow

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PRICED: Iliad S.A. €650m Long 5yr Sr Unsec; 4.125%Jul 15, 2026
FINAL TERMS: Iliad S.A. €650m Long 5yr Sr Unsec; 4.125%Jul 15, 2026
NEW ISSUE: Iliad €500m exp. Long 5yr Sr Unsec; 4.500-4.625%Jul 15, 2026
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Pricing
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Career Portal
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Americas
+1 888 997 6610
APAC
+852 3018 1600
EMEA
+44 80817 87364
support@creditflowresearch.com
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