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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
SSA
PRCD
DEXGRP
Dexia SA€1,500
1EMEA
Apr 28, 2026
currency
EUR
size (m)
1,500.000
maturity
May 7, 2031
type
Fixed
tenor
5.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A1
s&p
A+
fitch
A+
size description
-
re-open/tap
No
ipt
-
ipt-pxd
-3
guidance
MS+38 area
spread
35
coupon
3.25%
spread set
-
price
99.95000
yield
3.261%
book size (m)
5,000
peak book (m)
-
x-covered
3.33
book attrition
-
nic
0
billing & delivering
active leads
-
joint leads
BRC, CAG, CTI, NTW, ...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
5,000
peak book (m)
-
x-covered
3.33
book attrition
-
nic
0
billing & delivering
active leads
-
joint leads
BRC, CAG, CTI, NTW, ...
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 5000; Registration: Reg S Only; Comments: +47.4bps vs OBL 2.25% 04/2031 (bid @ 98.670 / 2.787%; HR: 100%). LEI: F4G136OIPBYND1F41110;
Deal Comments
UPDATE: Spread Set at MS+35
Guarantor(s)
States of Belgium and France
Relative Value

5 year @ IPTs of MS+38bp area

Implied i-Spread for fresh 5 year @ c.+35

Outstanding: i-spreads

3.125% 1st Jun 2028 @ +16.8

2.75% 18th Jan 2029 @ +30

Priced at MS+35

NIC of zero