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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
UTIL
PRCD
VIEFP
Veolia Environnement SA€1,150
2EMEA
Aug 26, 2026
currency
EUR
size (m)
650.000
maturity
Sep 2, 2030
type
Fixed
tenor
4.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa1
s&p
BBB
fitch
-
size description
Expected
re-open/tap
No
ipt
MS+90 area
ipt-pxd
-30
guidance
MS+60
spread
60
coupon
3.678%
spread set
-
price
100.00000
yield
3.678%
book size (m)
1,550
peak book (m)
1,750
x-covered
2.38
book attrition
-11.43%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,550
peak book (m)
1,750
x-covered
2.38
book attrition
-11.43%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
500.000
maturity
Sep 2, 2034
type
Fixed
tenor
8.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa1
s&p
BBB
fitch
-
size description
Expected
re-open/tap
No
ipt
MS+120-125
ipt-pxd
-32.5
guidance
MS+90
spread
90
coupon
4.088%
spread set
-
price
100.00000
yield
4.088%
book size (m)
1,050
peak book (m)
1,650
x-covered
2.1
book attrition
-36.36%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,050
peak book (m)
1,650
x-covered
2.1
book attrition
-36.36%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 1550; Registration: Reg S Only; Comments: DBR 0% Aug-30 @ 89.4 (HR 106%). MWC: B+15. Clean-Up Call: 75%. LEI: 969500LENY69X51OOT31; Book size: 1050; Registration: Reg S Only; Comments: DBR 2.6% Aug-34 @ 96.41 (HR 98%). MWC: B+15. Clean-Up Call: 75%. LEI: 969500LENY69X51OOT31;
Deal Comments
This tranche 4yr was upsized from EUR500m to EUR650m
Use of Proceeds
General Corporate Purposes
Relative Value

COMPS

Issued

Issuer

Ratings

Size

Coupon

Maturity

Tenor

I-Sprd

Nov-18

VIEFP

Baa1/BBB

€ 750m

1.94

Jan-30

3.4

42

Sep-18

VIEFP

Baa1/BBB

€ 500m

1.625

Sep-30

4.1

47

Dec-24

VIEFP

Baa1/BBB

€ 500m

2.974

Jan-31

4.4

56

Jan-26

VIEFP

Baa1/BBB

€ 950m

3.209

Jan-31

4.4

58

Apr-26

VIEFP

Baa1/BBB

€ 500m

3.69

Apr-31

4.6

61

Jun-25

VIEFP

Baa1/BBB

€ 850m

3.324

Jun-32

5.8

67

Jan-26

VIEFP

Baa1/BBB

€ 900m

3.639

Jan-34

7.4

81

Sep-24

VIEFP

Baa1/BBB

€ 500m

3.571

Sep-34

8

77

Apr-26

VIEFP

Baa1/BBB

€ 775m

4.122

Apr-36

9.6

99

Jun-25

VIEFP

Baa1/BBB

€ 650m

3.795

Jun-37

10.8

101

Jan-26

VIEFP

Baa1/BBB

€ 650m

4.052

Jan-38

11.4

105