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Linde PLC
Linde PLC

Linde PLC (LIN)

Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
MTRL
PRCD
LIN
Linde PLC€1,600
3EMEA
May 6, 2026
currency
EUR
size (m)
600.000
maturity
May 13, 2028
type
Floating
tenor
2.000
call
-
registration
Reg S Only
benchmark
3mEu
ranking
Sr. Unsecured
moody's
A2
s&p
A
fitch
-
size description
-
re-open/tap
No
ipt
3mEu+60 area
ipt-pxd
-25
guidance
n/a - straight to launch
spread
35
coupon
3mEu+35
spread set
-
price
100.00000
yield
-
book size (m)
1,750
peak book (m)
1,850
x-covered
2.92
book attrition
-5.41%
nic
5
billing & delivering
CTI
active leads
CTI, JPM, MIZ
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,750
peak book (m)
1,850
x-covered
2.92
book attrition
-5.41%
nic
5
billing & delivering
CTI
active leads
CTI, JPM, MIZ
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
500.000
maturity
May 13, 2030
type
Fixed
tenor
4.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A2
s&p
A
fitch
-
size description
-
re-open/tap
No
ipt
MS+80 area
ipt-pxd
-35
guidance
n/a - straight to launch
spread
45
coupon
3.20%
spread set
-
price
99.84800
yield
3.241%
book size (m)
1,500
peak book (m)
2,100
x-covered
3
book attrition
-28.57%
nic
1
billing & delivering
CTI
active leads
CTI, JPM, MIZ
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,500
peak book (m)
2,100
x-covered
3
book attrition
-28.57%
nic
1
billing & delivering
CTI
active leads
CTI, JPM, MIZ
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
500.000
maturity
May 13, 2036
type
Fixed
tenor
10.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A2
s&p
A
fitch
-
size description
-
re-open/tap
No
ipt
MS+110-115
ipt-pxd
-32.5
guidance
n/a - straight to launch
spread
80
coupon
3.80%
spread set
-
price
99.79500
yield
3.825%
book size (m)
1,250
peak book (m)
1,700
x-covered
2.5
book attrition
-26.47%
nic
3
billing & delivering
CTI
active leads
CTI, JPM, MIZ
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,250
peak book (m)
1,700
x-covered
2.5
book attrition
-26.47%
nic
3
billing & delivering
CTI
active leads
CTI, JPM, MIZ
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 1750; Registration: Reg S Only; Comments: CoC: 100%. LEI: 5299003QR1WT0EF88V51; Book size: 1500; Registration: Reg S Only; Comments: OBL 2.4 30 #191 +59.6bp / px 99.092 / HR 100%. MWC: B+10. CoC: 100%. Clean-Up Call: 75%. LEI: 5299003QR1WT0EF88V51; Book size: 1250; Registration: Reg S Only; Comments: DBR 2.9 02/15/36 +82.9bp / px 99.180 / HR 98%. MWC: B+15. CoC: 100%. Clean-Up Call: 75%. LEI: 5299003QR1WT0EF88V51;
Deal Comments
UPDATE 2y: Spread Set at 3mEu+35#; 4y: Spread Set at MS+45#; 10y: Spread Set at MS+80#. Exp Size 2y: EUR500m; 3y: EUR500m; 10y: EUR500m. The deal 2y was upsized from EUR500m to EUR600m
Use of Proceeds
General Corporate Purposes
Relative Value

2 year FRN (May 2028) @ IPTs of 3 Mth E +60 area

Implied Spread for fresh 2 year FRN @ +30

Priced at 3Mth E+35

NIC of +5


4 year (May 2030) @ IPTs of MS+80 area

Implied Spread for fresh 4 year @ +44

Priced at MS+45

NIC of +1 


10 year (May 2036) @ IPTs of MS+110 / 115

Implied Spread for fresh 10 year @ +77

Priced at MS+80

NIC of +3


COMPS

Bond

Rating (M/S&P) Issue Dt.

Issue Dt.

Amt.

Tenor

DM

LIN FRN 11/27

A2 / A

Nov-25

€600mm

1.5yr

3mE+28

Bond

Rating (M/S&P) Issue Dt.

Issue Dt.

Amt.

Tenor

I-Spread

LIN 2.625 2/29

A2 / A

Feb-25

€850mm

2.8yr

ms+33bp

LIN 3.375 6/29

A2 / A

Jun-23

€750mm

3.1yr

ms+35bp

LIN 3.375 6/30

A2 / A

Jun-24

€750mm

4.1yr

ms+45bp

LIN 3.200 2/31

A2 / A

Feb-24

€850mm

4.8yr

ms+48bp

LIN 1.375 3/31

A2 / A

Mar-22

€750mm

4.9yr

ms+44bp

LIN 0.550 5/32

A2 / A

May-20

€750mm

6.0yr

ms+56bp

LIN 3.125 11/32

A2 / A

Nov-25

€650mm

6.6yr

ms+58bp

LIN 3.000 2/33

A2 / A

Feb-25

€750mm

6.8yr

ms+67bp

LIN 0.375 9/33

A2 / A

Sep-21

€500mm

7.4yr

ms+61bp

LIN 3.500 6/34

A2 / A

Jun-24

€750mm

8.1yr

ms+67bp

LIN 3.625 6/34

A2 / A

Jun-23

€650mm

8.1yr

ms+68bp

LIN 1.625 3/35

A2 / A

Mar-22

€800mm

8.9yr

ms+74bp

LIN 3.400 2/36

A2 / A

Feb-24

€700mm

9.8yr

ms+76bp

LIN 3.250 2/37

A2 / A

Feb-25

€650mm

10.8yr

ms+81bp

LIN 3.75 11/38

A2 / A

Nov-25

€500mm

12.6yr

ms+89bp

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Commentary

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Deal Flow

All Deal Flow
PRICED: Linde €1.6bn 2yr FRN, 4yr & 10yr Sr Unsec; 3mE+35bp, MS+45bp & MS+80bpMay 6, 2026
ALLOCATIONS OUT: Linde €1.6bn 2yr FRN, 4yr & 10yr Sr Unsec; 3mE+35bp, MS+45bp & MS+80bpMay 6, 2026
LAUNCHED: Linde €1.6bn 2yr FRN, 4yr & 10yr Sr Unsec; 3mE+35bp, MS+45bp & MS+80bpMay 6, 2026
NEW ISSUE: Linde € 3-part 2yr FRN, 4yr & 10yr Sr Unsec; 3mE+60a, MS+80a & MS+110/115May 6, 2026
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Global Issuers List
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Pricing
OpenMarket Profiles
Career Portal
CapEdge
CreditFlow
Deal Roadshow
DealVDR
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More
Americas
+1 888 997 6610
APAC
+852 3018 1600
EMEA
+44 80817 87364
support@creditflowresearch.com
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