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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
HLTH
PRCD
SRTGR
Sartorius Finance BV€500
1EMEA
May 6, 2026
currency
EUR
size (m)
500.000
maturity
May 12, 2031
type
Fixed
tenor
5.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
-
s&p
BBB-
fitch
-
size description
-
re-open/tap
No
ipt
MS+125 area
ipt-pxd
-32
guidance
n/a - straight to launch
spread
93
coupon
3.75%
spread set
-
price
99.98200
yield
3.754%
book size (m)
2,300
peak book (m)
2,400
x-covered
4.6
book attrition
-4.17%
nic
-
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
book size (m)
2,300
peak book (m)
2,400
x-covered
4.6
book attrition
-4.17%
nic
-
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
Tranche Comments
Book size: 2300; Registration: Reg S Only; Comments: OBL 2.5% 04/16/31 #193 (Px 99.115) +106.4bps / HR: 99%. Tax Call: Yes. Par Call: 3m. MWC: B+20. CoC: 100%. Clean-Up Call: 75%. LEI: 529900JCAKTMRXK9EA58;
Deal Comments
Exp Size: EUR500m
Guarantor(s)
Sartorius AG
Use of Proceeds
General Corporate Purposes incl. the refinancing of the outstanding €650m 4.250% Notes due 14 September 2026 potentially via a make whole call exercise
Relative Value

COMPS

TICKER

MDY

S&P

FITCH

ISSUE

MAT

CPN

TTM

AMT

€MS+

SRTGR

-

BBB-

-

Sep-23

Sep-29

4.375

3.4

650

68

SRTGR

-

BBB-

-

Sep-23

Sep-32

4.500

6.4

850

102

SRTGR

-

BBB-

-

Sep-23

Sep-35

4.875

9.4

850

123

BDX

Baa2

BBB

BBB

Feb-24

Feb-31

3.519

4.8

750

67

BDX

Baa2

BBB

BBB

Jun-24

Jun-32

3.828

6.1

1000

84

ERFFP

Baa3

-

BBB-

Aug-23

Sep-30

4.750

4.3

600

89

ERFFP

Baa3

-

BBB-

May-21

May-31

0.875

5.0

750

87

ERFFP

Baa3

-

BBB-

Jul-25

Feb-33

3.875

6.8

500

119

FREGR

Baa3

BBB

BBB-

Sep-25

Sep-29

2.750

3.4

500

57

FREGR

Baa3

BBB

BBB-

Sep-25

Mar-34

3.500

7.9

500

94

FMEGR

Baa3

BBB-

BBB-

Apr-25

Dec-28

3.125

2.6

600

44

FMEGR

Baa3

BBB-

BBB-

Nov-25

Nov-30

3.250

4.6

500

69

FMEGR

Baa3

BBB-

BBB-

Apr-25

Apr-32

3.750

5.9

500

84

GALDSW

-

BBB

BBB

Mar-26

Mar-31

3.375

4.9

500

68

SDZSW

Baa2

BBB

-

Sep-24

Sep-29

3.250

3.4

600

48

SDZSW

Baa2

BBB

-

Nov-23

Apr-30

4.220

4.0

700

60

SDZSW

Baa2

BBB

-

Nov-23

Nov-33

4.500

7.5

600

92

WERFEN

-

BBB-

BBB-

Apr-24

May-30

4.250

4.0

500

82

WERFEN

-

BBB-

BBB-

Jun-25

Feb-32

3.625

5.8

500

102