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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
ENGY
PRCD
PKNPW
ORLEN SA$1,250
1EMEA
Jan 23, 2025
currency
USD
size (m)
1,250.000
maturity
Jan 30, 2035
type
Fixed
tenor
10.000
call
-
registration
144A/Reg S
benchmark
-
ranking
Sr. Unsecured
moody's
A3
s&p
-
fitch
BBB+
size description
-
re-open/tap
No
ipt
T+185 area
ipt-pxd
-30
guidance
T+160-165
spread
155
coupon
6.000%
spread set
-
price
98.55500
yield
6.196%
book size (m)
4,100
peak book (m)
4,300
x-covered
3.28
book attrition
-4.65%
nic
-
billing & delivering
active leads
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
4,100
peak book (m)
4,300
x-covered
3.28
book attrition
-4.65%
nic
-
billing & delivering
active leads
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 4100; Registration: 144A/Reg S;
Deal Comments
ORLEN SA (PKNPW), exp A3/BBB+ (s/s) by Moody's/Fitch, US$1.25bn 144A/Reg S 10y sr notes due 1/30/35. 1mo par call. CoC. Citi (B&D)/JPM (JGCs)/GS/Sant/SMBC joint books. UOP: gcp. Pricing 1/23. Settle 1/30. IPTs: T+185 area.GUIDANCE: T+160-165. Expect size $1-1.25bn. Books greater than 3.3bn (incl 85m JLM int).LAUNCHED: $1.25bn 10y at T+155. Books greater than $4.3bn (incl 85m of JLM int). PRICED: $1.25bn 6.00% 1/30/35 98.555 6.196% T+155. Final books at reoffer great than $4.1bn (incl 85m of JLM int). ---------------------------------------------- ORLEN S.A. (Ticker: PKNPW; Country: PL), rated A3 (stable) by Moody's and BBB+ (stable) by Fitch, the largest multi-utility group in Central Europe, has mandated Citi and J.P. Morgan as Joint Global Coordinators and together with Goldman Sachs Bank Europe SE, Santander and SMBC as Joint Bookrunners to arrange a series of fixed income investor calls commencing today, with a Global Investor Call taking place at 10:30 UKT / 11:30 CET on 21 January 2025.A debut USD Benchmark Senior Unsecured 144A / Reg S offering (the "Notes") with a 10-year tenor may follow, subject to market conditions. The Notes are expected to be rated A3 by Moody's and BBB+ by Fitch.FCA/ICMA stabilisation applies.MiFID II professionals/ECPs-only – Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels).
Relative Value

[ORLEN SA]

ORLEN SA “PKNPW”, exp A3/BBB+ (s/s) by Moody's/Fitch, US$1.25bn (expected $1-1.25bn) 144A/Reg S 10y sr notes due 1/30/35. 1mo par call. CoC. UOP: gcp. Pricing 1/23. Settle 1/30.

VIA Citi (B&D)/JPM (JGCs)/GS/Sant/SMBC joint active books.

Announced overnight with benchmark size, we heard initial price thought as T+185 area.

GUIDANCE came in at T+160-165.

Expect size $1-1.25bn. Books greater than 3.3bn (incl 85m JLM int).

Launched at $1.25bn 10y at T+155. Books greater than $4.3bn (incl 85m of JLM int).

Ultimately, the $1.25bn deal priced as follows:

$1.25bn 6.00% 1/30/35 98.555 6.196% T+155. Final books at reoffer greater than $4.1bn (incl 85m of JLM int).

*** Note this is the first deal of the year to price within guidance.

** This is PKNPW’s debut issuance in the USD market so CONCESSION IS N/A.

Orlen in EUR:

Orlen SA (A3/-/BBB+)

-PKNPW 4.750% due 07/13/30 3.657% (yield). Swaps $5.64 / T+115bp.

COMPS AWAY:

Republic of Poland (A2/A-/A-)

-POLAND 5.125% due 09/18/34 T+97bp (G98; $96.33) - $3B pxd Mar 2024

Bank Gospodarstwa Krajów (A2/NR/A-)

-BGOSK 5.750% due 07/09/34 T+131bp (G132; $98.54) - $1.75B pxd 7/1/24 +140

Eni SPA (Baa1/A-/A-)

-ENIIM 5.500% due 05/15/34 T+105bp (G107 - $98.52) - $1B pxd May 2024

Enel Finance International N.V. (Baa1/BBB/BBB+)

-ENELIM 5.500%due 06/26/34 T+120bp (G121; $97.50) - $750M pxd Jun 2024

Electricite de France SA (Baa1/NR/BBB+)

-EDF 5.750% due 01/13/35 T+123bp (G123; $99.01) - $700M pxd 1/6/25 +120

Empresa Nacional Del Petroleo (Baa3/BBB-/A-)

-ENAPCL 5.950% due 07/30/34 T+161bp (G162; $97.79) - $600M pxd 7/24/24 +187

FINAL BOOK:

$1.25bn 10yr - $4.100bn ( 3.28x) - $4.300bn

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