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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
UTIL
PRCD
ENGIFP
Engie SA€750
1EMEA
Sep 7, 2026
currency
EUR
size (m)
750.000
maturity
-
type
Fixed Rate Reset
tenor
Perp
call
8.30
registration
Reg S Only
benchmark
DBR
ranking
Subordinated
moody's
Baa3
s&p
BBB-
fitch
BBB
size description
-
re-open/tap
No
ipt
5.50%-5.625%
ipt-pxd
-52.5
guidance
STL
spread
177.1
coupon
5.00%
spread set
-
price
99.69300
yield
5.05%
book size (m)
2,300
peak book (m)
4,900
x-covered
3.07
book attrition
-53.06%
nic
5
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,300
peak book (m)
4,900
x-covered
3.07
book attrition
-53.06%
nic
5
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 2300; First Pay: 2027-01-07; Redemption: 2034-10-07; Registration: Reg S Only; Comments: 177.1bps vs DBR 2.6 08/15/34 @ 95.321 / 3.279%. MWC: B+30. Tax Call: Yes. Clean-Up Call: 75%. LEI: LAXUQCHT4FH58LRZDY46;
Use of Proceeds
An amount equal to the net proceeds will be used by the Issuer to: finance or refinance part of the acquisition of 100% of UK Power Networks, a pure player in transmission and distribution of electricity, and/or to finance or refinance in whole or in part, other existing or future Eligible Green Projects, both in accordance with the Issuer’s Green Financing Framework, available on the Green bond section of the Issuer’s website (https://www.engie.com/en/investors/fixed-income/green-bonds/)
Relative Value

Green Hybrid
NC8.3yr (Oct 2034) @ 5.500/5.625%
Implied Spread for fresh NC8.3yr @ 5.00%
Priced at 5.05%
NIC of +5


COMPS


Reset Date

Time to Reset

YTR

YTC

I Spread

ENGIFP 4.750% 800m Perp NC 2030

14/06/2030

3.8y

4.52%

4.54%

130

ENGIFP 1.875% 750m Perp NC 2031

02/07/2031

4.8y

4.47%

4.76%

152

ENGIFP 4.371% 1bn Perp NC 2031

16/07/2031

4.9y

4.71%

4.73%

151

ENGIFP 4.000% 500m Perp NC 2032

13/04/2032

5.6y

4.78%

4.79%

152

ENGIFP 5.125% 1.035bn Perp NC 2033

14/06/2033

6.8y

4.90%

4.90%

157

ENGIFP 4.825% 600m Perp NC 2034

16/04/2034

7.6y

5.03%

5.02%

173

ENGIFP 4.500% 500m Perp NC 2035

13/04/2035

8.6y

5.05%

5.06%

173