03/23/2021 Renault SA (RENAUL) EUR600m (from EUR600m minimum) Reg S bearer sr notes due 04/01/28 (7y). NCL (MWC B+50bp) (3mo par call) (80% clean-up call). Expect Ba2/BB+. Via BBVA/CA/MUFG/SoGen (B&D)/UniCredit jt books. Off the EMTN programme. List: Euronext Paris. French law. Annual pay (Act/Act). Settles 04/01 (T+7). IPT: 2.75% area (annual yield). Px guidance: 2.625% area (+/- 0.125% WPIR). Final terms: EUR600m at 2.50% yield. Priced: 2.50% at 100. ms+269.5bp, +307bp vs DBR 0.50% 02/15/28. Final orderbook over EUR950bn at final terms. Books subject at 12:15pm UKT 03/23. UOP: GCP. Biz: European car and truck manufacturer. HQ: Boulogne-Billancourt, France.