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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
FNCL
PRCD
GBLBBB
Groupe Bruxelles Lambert SA (GBL)€500
1EMEA
Aug 25, 2026
currency
EUR
size (m)
500.000
maturity
Sep 1, 2034
type
Fixed
tenor
8.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A1
s&p
-
fitch
-
size description
Will Not Grow
re-open/tap
No
ipt
MS+120 area
ipt-pxd
-33
guidance
STL
spread
87
coupon
4.00%
spread set
-
price
99.69100
yield
4.046%
book size (m)
2,750
peak book (m)
2,750
x-covered
5.5
book attrition
0.00%
nic
3
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
book size (m)
2,750
peak book (m)
2,750
x-covered
5.5
book attrition
0.00%
nic
3
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
Tranche Comments
Book size: 2750; Registration: Reg S Only; Comments: DBR 2.6 08/15/34 +93.3 bps (Price: 96.43% / Yield: 3.113%) / HR: 98%. MWC: B+15. Tax Call: Yes. Clean-Up Call: 80%. LEI: 549300KV0ZEHT2KVU152. Listing: Brussels;
Use of Proceeds
General corporate purposes, including the refinancing of existing indebtedness
Relative Value

Senior
8yr (Sep 2034) @ MS+120a

Implied Spread for fresh 8yr @ MS+84
Priced at MS+87
NIC of +3


COMPS

Bond

Issuer

Ratings

Tenor

Amount (€m)

Bid i-sprd (bps)

GBLBBB 3 1/8 09/06/29

Grp Bruxelles Lambert Sa

A1 / NR / NR

3.0Y

500

35

GBLBBB 0 1/8 01/28/31

Grp Bruxelles Lambert Sa

A1 / NR / NR

4.4Y

500

62

GBLBBB 4 05/15/33

Grp Bruxelles Lambert Sa

A1 / NR / NR

6.7Y

500

80

GBLBBB 3 3/4 01/21/36

Grp Bruxelles Lambert Sa

A1 / NR / NR

9.4Y

500

88

EXOIM 2 1/4 04/29/30

Exor Nv

NR / A- / NR

3.7Y

500

44

EXOIM 0 7/8 01/19/31

Exor Nv

NR / A- / NR

4.4Y

500

41

EXOIM 3 3/4 02/14/33

Exor Nv

NR / A- / NR

6.5Y

650

92

EXOIM 3 3/4 11/05/35

Exor Nv

NR / A- / NR

9.2Y

600

110

SOFBB 1 09/23/28

Sofina Sa

NR / NR / NR

2.1Y

700

67

SOFBB 3.707 11/13/33

Sofina Sa

NR / A- / NR

7.2Y

600

107

INVSA 2 3/4 06/10/32

Investor Ab

Aa3 / AA- / NR

5.8Y

600

47

INVSA 3 1/2 03/31/34

Investor Ab

Aa3 / AA- / NR

7.6Y

600

59

INVSA 0 3/8 10/29/35

Investor Ab

Aa3 / AA- / NR

9.2Y

600

72

INVSA 4 03/31/38

Investor Ab

Aa3 / AA- / NR

11.6Y

600

77

BRK 1 1/2 03/18/30

Berkshire Hathaway Fin

Aa2 / AA / A+u

3.6Y

500

16

BRK 2 03/18/34

Berkshire Hathaway Fin

Aa2 / AA / A+u

7.6Y

750

68

BRK 1 5/8 03/16/35

Berkshire Hathaway Inc

Aa2 / AA / A+u

8.6Y

1000

76

BRK 0 1/2 01/15/41

Berkshire Hathaway Inc

Aa2 / AA / A+u

14.4Y

600

94