Book size: 2000; Registration: Reg S Only; Comments: EUR600m(upsized from exp EUR500m) 6yr fxd cpn 3.875% at 99.821, yld 3.909%. Spread: MS+115bps. DBR 0% Feb32 (85.75) + 127.6bps / HR 106%. MWC: B+20. Par Call: 3m. CoC: Yes. Clean-up: 80%. LEI: 969500UX71LCE8MAY492;
Deal Comments
Reoffer: 6yr: MS+115bp / 99.821 / 3.909%
Benchmark: 6yr: DBR 0% Feb-32 @ 85.75 / B+127.6bp / HR 106%
Final Books: Above €2bn
Launched: 6yr: €600m @ MS+115bp - Books above €2bn
IPTs: 6yr: MS+145a
Orig Exp. Size: EUR500m
Issuer: Elis SA
Ticker: ELISGP
Country: FR
Issuer Parent Ratings: Baa3 (stable) by Moody’s, BBB- (stable) by S&P, BBB (stable) by DBRS
Expected Rating of the bonds: Baa3 (by Moody’s)
Guarantor: M.A.J.
Format: Senior Unsecured, Reg S Bearer (Cat2), Dematerialised Notes
Pricing Date: 16-Mar-26
Settlement: 23-Mar-26 (T+5)
Size: €600m
Maturity: 23-Mar-32 (6Y)
Reoffer: MS+115bp / 99.821 / 3.909%
Spread vs DBR: DBR 0% Feb-32 (85.75) + 127.6bps / HR 106%
Coupon: 3.875% Fixed, Annual, Act/Act (ICMA)
Global Coordinators: BNP Paribas (B&D), Natixis, Société Générale
Active Bookrunners: BNP Paribas (B&D), Crédit Agricole CIB, Commerzbank, Deutsche Bank, HSBC, Natixis, Société Générale
Passive Bookrunners: BBVA, CIC CIB, La Banque Postale
Docs: EMTN Programme dated 14-May-25 (as supplemented) / French Law / 3m Par Call / MWC (B+20) / Clean-up (80%) / CoC
Denoms: €100k + 100k
Listing: Euronext Paris
UoP: General Corporate Purposes
Target Market: The manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional clients (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the United Kingdom
ISIN / Common Code: FR0014016ZV3 / 331751405
Issuer LEI: 969500UX71LCE8MAY492
Selling Restrictions: As per EMTN Program dated 14-May-25 as supplemented
Advertisement: The EMTN program, any supplements and the final terms will be available on the AMF website: https://www.amf-france.org and on the Issuer website: https://fr.elis.com/fr/groupe/relations-investisseurs/information-reglementee
ToE: 14.37 UKT
FTT: 15.00 UKT