10/20/2021 ZF Finance GmbH (ZFFNGR) EUR500m (WNG) Reg S Green sr unsec notes due 05/03/2028 (6.5y). NCL (MWC T+45bp) (3mo par call, clean-up call 80%). Expect Ba1/BB+ (gtd by ZF Friedrichshafen AG). Via Bank of China/JPM (B&D)/Mizuho jt books. EMTN. List Lux. German law. Fixed, annual pay (Act/Act), short first coupon. Settles 11/03 (T+10). ISIN: ZS2399851901. IPT: 2.75%-2.875% yield. Px guidance: 2.375%-2.50%. Final terms: EUR500m at 2.375%. Priced: 2.25% at 99.262, yield 2.375%.+276.1bp vs DBR 0.5% 02/15/28.
Books at EUR2.2bn (pre-rec at tight end of guidance). Books went subject at 12:25pm UKT 10/12. UOP: eligible Green Projects, as defined in the April 2021 Green Finance Framework. Biz: a global technology company supplying systems for passenger cars, commercial vehicles and industrial technology. HQ: Friedrichshafen, Germany.