Registration: Reg S Only; Comments: CTI (B&D). 303.8bp vs DBR 0.25% Feb 2027;
Deal Comments
11/24/2021 Renault SA (RENAUL) EUR500m Reg S bearer sr notes due 06/02/27 (5.5y). NCL (MWC B+50bp) (3mo par call) (75% clean-up call). Expect Ba2/BB+ (Neg/Neg). Via CIC/Citit (B&D)/Commerz/Mihuho/Natixis jt leads. List Paris. French law. Annual pay (Act/Act). Short first coupon. Off the EMTN Programme. Settles 12/02 (T+6). ISIN: FR0014006W65. IPT: 2.625%-2.75% (annual yield). Final terms: EUR500m at 2.50% yield. Priced: 2.50% at 100, yield 2.501%. MS+254.2bp. +303.8bp vs DBR 0.25% Feb 2027. Books above EUR1.25bn. Books went subject at 12:30pm UKT 1/24. UOP: GCP. Biz: European car and truck manufacturer. HQ: Boulogne-Billancourt, France.