SES SA (SESGFP)

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C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	COMM	PRCD	SESGFP	SES SA	€500		1	EMEA	Sep 29, 2026

Tranche #1SES SA

currency

EUR

size (m)

500.000

maturity

Apr 6, 2031

type

Fixed

tenor

4.500

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Ba1

s&p

fitch

BBB-

size description

Expected

re-open/tap

ipt

MS+225 area

ipt-pxd

-15

guidance

STL

spread

210

coupon

5.625%

spread set

price

99.66700

yield

5.721%

book size (m)

745

peak book (m)

975

x-covered

1.49

book attrition

-23.59%

nic

billing & delivering

active leads

,,,

joint leads

,,,

passive leads

co-managers

coordinating managers

book size (m)

745

peak book (m)

975

x-covered

1.49

book attrition

-23.59%

nic

billing & delivering

active leads

,,,

joint leads

,,,

passive leads

co-managers

coordinating managers

Tranche Comments

Book size: 745; Registration: Reg S Only; Comments: 233.5bp vs vs DBR 2.4 11/15/30 @96.26 / 3.386% (HR: 104%). Tax Call: Yes. Clean-up Call: 75%. MWC: B+35. CoC: Yes. LEI: 5493008JPA4HYMH1HX51;

Guarantor(s)

SES Americom Inc

Use of Proceeds

The net proceeds from the issue of the Notes will be applied by the Issuer towards the cash tender offer for its outstanding EUR 500,000,000 fixed rate notes issued in 2019 (ISIN XS2075811781), which the Issuer has launched concurrently with the issue of the Notes. Any remaining net proceeds will be used for the general corporate purposes of the Group, including the refinancing of other existing indebtedness

Relative Value

4.5yr (Mar 2031) @ MS+225a
Implied Spread for fresh 4.5yr @ MS+200
Priced at MS+210
NIC of +10

COMPS
Ticker	Size	Coupon	Maturity	I Sprd Bid
SESGFP	€500 Mio	4.13%	24-Jun-30	131
SESGFP	€500 Mio	4.88%	24-Jun-33	219

Hide Details

CreditFlow: End of Day (Europe IG)	Sep 29, 2026

Sep 29, 2026

1 to 1 of 1

	PRICED: SES €500m 4.5yr Sr Unsec; MS+210	Sep 29, 2026
	ALLOCATIONS OUT: SES €500m 4.5yr Sr Unsec; MS+210	Sep 29, 2026
	LAUNCHED: SES €500m 4.5yr Sr Unsec; MS+210	Sep 29, 2026
	NEW ISSUE: SES €500m Exp 4.5yr Sr Unsec; MS+225a	Sep 29, 2026
	MANDATE: SES Inv Calls 28-Sep; Reg S € bmk 4.5yr Sr Unsec Offering May Follow	Sep 28, 2026

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Asset Backed Securities

sector/subsector profiles

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industry/subindustry profiles

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industry/subindustry profiles

SES SA (SESGFP)

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