Mapfre SA (MAPSM)

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C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	FNCL	PRCD	MAPSM	Mapfre SA	€1,000		2	EMEA	Nov 4, 2026

Tranche #1Mapfre SA

currency

EUR

size (m)

500.000

maturity

Nov 12, 2029

type

Fixed

tenor

3.000

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

s&p

fitch

size description

Will Not Grow

re-open/tap

ipt

MS+95 area

ipt-pxd

-30

guidance

STL

spread

coupon

3.875%

spread set

price

99.67200

yield

3.993%

book size (m)

2,500

peak book (m)

2,500

x-covered

book attrition

0.00%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

2,500

peak book (m)

2,500

x-covered

book attrition

0.00%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche #2Mapfre SA

currency

EUR

size (m)

500.000

maturity

Nov 12, 2041

type

Fixed Rate Reset

tenor

15.000

call

5.00

registration

Reg S Only

benchmark

Swaps

ranking

Tier 2

moody's

s&p

BBB+

fitch

size description

Will Not Grow

re-open/tap

ipt

MS+200 area

ipt-pxd

-35

guidance

STL

spread

165

coupon

4.875%

spread set

price

99.51500

yield

4.987%

book size (m)

3,200

peak book (m)

3,200

x-covered

6.4

book attrition

0.00%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

3,200

peak book (m)

3,200

x-covered

6.4

book attrition

0.00%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche Comments

Book size: 2500; First Pay: 2027-11-12; Registration: Reg S Only; Comments: OBL 2 ½ 29 #190 + 92.2bps (98.42%) HR: 102%. Tax Call: Yes. Clean-Up Call: 75%. LEI: 95980020140005693107. Listing: AIAF (Spanish regulated Fixed Income Securities Market); Book size: 3200; First Pay: 2027-11-12; Redemption: 2031-11-12; Registration: Reg S Only; Comments: OBL 2.9 31 #194 + 185.8bps ( 98.95%) HR 97%. Tax Call: Yes. Clean-Up Call: 75%. Regulatory Call: Yes. LEI: 95980020140005693107. Listing: AIAF (Spanish regulated Fixed Income Securities Market);

Use of Proceeds

Repay outstanding amounts under the Acquisition Facility related to the completed acquisition of Safety Insurance Group Inc, and for general corporate purposes, including the refinancing of maturing debt

Relative Value

COMPS
Instrument	Rank	Structure	Rating	Size	Time to Call	i-Sprd (bp)
MAPSM 4.500 06/37-35	Tier 2	11NC10	- / BBB+ / -	€500	9.1	166
Instrument	Rank	Structure	Rating	Size	Maturity	i-Sprd (bp)
MAPSM 3.125 01/32-31	Senior	Bullet	- / A / -	€500	5.2	78
MAPSM 3.625 01/36-35	Senior	Bullet	- / A / -	€500	9.2	106

Hide Details

CreditFlow: End of Day (Europe IG)	11:30 AM ET

11:30 AM ET

1 to 1 of 1

	PRICED: Mapfre €500m 3yr Sr Unsec & €500m 15NC5 T2; MS+65bp & MS+165bp	09:49 AM ET
	ALLOCATIONS OUT: Mapfre €1bn 3yr Sr Unsec & 15NC5 T2; MS+65bp & MS+165bp	08:57 AM ET
	LAUNCHED: Mapfre €1bn 3yr Sr Unsec & 15NC5 T2; MS+65bp & MS+165bp	06:20 AM ET
	UPDATE (BOOKS): Mapfre €500m WNG 3yr Sr Unsec & €500m WNG 15NC5 T2; MS+95a & MS+200a	05:19 AM ET
	NEW ISSUE: Mapfre €500m WNG 3yr Sr Unsec & €500m WNG 15NC5 T2; MS+95a & MS+200a	03:13 AM ET

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Mapfre SA (MAPSM)

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