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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
MTRL
PRCD
AIFP
Air Liquide Finance SACHF640
3EMEA
Feb 24, 2026
currency
CHF
size (m)
140.000
maturity
Mar 5, 2031
type
Fixed
tenor
5.000
call
-
registration
-
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A2
s&p
A
fitch
-
size description
-
re-open/tap
No
ipt
SARON MS+52-57
ipt-pxd
-2.5
guidance
SARON MS+51-54
spread
52
coupon
0.6225%
spread set
-
price
100.00000
yield
0.6225%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
billing & delivering
-
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
billing & delivering
-
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
currency
CHF
size (m)
300.000
maturity
Mar 3, 2034
type
Fixed
tenor
8.000
call
-
registration
-
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A2
s&p
A
fitch
-
size description
-
re-open/tap
No
ipt
SARON MS+65-70
ipt-pxd
-2.5
guidance
SARON MS+64-67
spread
65
coupon
0.9571%
spread set
-
price
100.00000
yield
0.9571%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
billing & delivering
-
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
billing & delivering
-
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
currency
CHF
size (m)
200.000
maturity
Mar 5, 2038
type
Fixed
tenor
12.000
call
-
registration
-
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A2
s&p
A
fitch
-
size description
-
re-open/tap
No
ipt
SARON MS+75-80
ipt-pxd
+0.5
guidance
SARON MS+75-78
spread
78
coupon
1.3125%
spread set
-
price
100.00000
yield
1.3125%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
billing & delivering
-
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
billing & delivering
-
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Comments: CHF140m, cpn 0.6225% at 100, yld 0.6225%. Spread: SARON MS+52. Tax Call: Yes. CoC: Yes. Clean-up Call: 75%. Par Call: 3m; Comments: CHF300m, cpn 0.9571% at 100, yld 0.9571%. Spread: SARON MS+65. Tax Call: Yes. CoC: Yes. Clean-up Call: 75%. Par Call: 3m; Comments: CHF200m, cpn 1.3125% at 100, yld 1.3125%. Spread: SARON MS+78. Tax Call: Yes. CoC: Yes. Clean-up Call: 75%. Par Call: 3m;
Deal Comments
Reoffer: 5yr: MS+52bp / 100 / 0.6225% 8yr: MS+65bp / 100 / 0.9571% 12yr: MS+78bp / 100 / 1.3125% Spread set at: 5yr: MS+52bp; New min size CHF 125m 8yr: MS+65bp; New min size CHF 275m 12yr: MS+78bp; New min size CHF 200m IPTs: 5yr: min. CHF 100m; SARON MS+51/54bp // Ind. YTM 0.6150%/0.6450% // Govt. +61/64bp 8yr: min CHF 275m; SARON MS+64/67bp // Ind. YTM 0.9521%/0.9821% // Govt. +81/84bp 12yr: min CHF 175m; SARON MS+75/78bp // Ind. YTM 1.2900%/1.3200% // Govt. +98/101bp Issuer: Air Liquide Finance (Ticker: AIFP) Guarantor: L'Air Liquide S.A. Issuer & Guarantor Domicile: France Domestic / Foreign: Foreign Guarantor Rating: A2 (st.)/A (st.)/A (st.) (Moody's/S&P/Scope) Instrument Rating (exp.): A2/A/A (Moody's/S&P/Scope) Format: Public Fixed Rate Bond Ranking: Senior unsubordinated and unsecured Notes Size: CHF 640m (CHF 140m / CHF 300m / CHF 200m) Payment Date: 05-Mar-26 Tranche 1 (5yr): Size: CHF 140m Coupon: 0.6225% p.a. Life: 5yr Maturity Date: 05-Mar-31 Issue Price: 100% Spread / Yield: SARON MS+52bp // YTM 0.6225% // Govt. +62bp ISIN / Valor: CH1523561962 / 152'356'196 Tranche 2 (8yr): Size: CHF 300m Coupon: 0.9571% p.a. (first short) Life: 7yr 358d Maturity Date: 03-Mar-34 Issue Price: 100% Spread / Yield: SARON MS+65bp // YTM 0.9571% // Govt. +82bp ISIN / Valor: CH1523561970 / 152'356'197 Tranche 3 (12yr): Size: CHF 200m Coupon: 1.3125% p.a. Life: 12yr Maturity Date: 05-Mar-38 Issue Price: 100% Spread / Yield: SARON MS+78bp // YTM 1.3125% // Govt. +101bp ISIN / Valor: CH1523561988 / 152'356'198 Lead Managers: Deutsche Bank, BNP Paribas, Commerzbank Listing: SIX Swiss Exchange as of 03-Mar-26 SNB Repoeligibility: At the discretion of the SNB, expected no Documentation: Under the Issuer's existing €12,000,000,000 EMTN Programme dated 21-May-25, as supplemented on 28-Oct-25 Governing Law: French Law FINSA Prospectus: Preliminary prospectus available in accordance with art. 51 FinSA Covenants: PP, NP, XD Early Redemption: 3 Month Par Call, Clean-up Call (75%), CoC Put Option, Tax Redemption Call Min. Denomination: CHF 5,000 and integral multiples thereof Sales Restrictions: In particular United States of America, the EEA, Italy, Belgium, the United Kingdom, Japan, Hong Kong, People's Republic of China, Singapore and Canada Target Market: As defined by the manufacturer domiciled in the EEA (MiFID II): Eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions
Guarantor(s)
L’Air Liquide SA

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