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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
MTRL
PRCD
HEIGR
Heidelberg Materials AG (fka Heidelbergcement AG)€1,500
2EMEA
May 19, 2026
currency
EUR
size (m)
900.000
maturity
Oct 10, 2029
type
Fixed
tenor
3.250
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa2
s&p
BBB
fitch
-
size description
-
re-open/tap
No
ipt
MS+90 area
ipt-pxd
-32
guidance
n/a - straight to launch
spread
58
coupon
3.50%
spread set
-
price
99.84500
yield
3.554%
book size (m)
2,800
peak book (m)
2,900
x-covered
3.11
book attrition
-3.45%
nic
-
billing & delivering
active leads
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,800
peak book (m)
2,900
x-covered
3.11
book attrition
-3.45%
nic
-
billing & delivering
active leads
joint leads
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
600.000
maturity
Jul 18, 2035
type
Fixed
tenor
9.250
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa2
s&p
BBB
fitch
-
size description
-
re-open/tap
No
ipt
MS+140 area
ipt-pxd
-30
guidance
n/a - straight to launch
spread
110
coupon
4.00%
spread set
-
price
97.97100
yield
4.271%
book size (m)
1,850
peak book (m)
2,000
x-covered
3.08
book attrition
-7.50%
nic
-
billing & delivering
active leads
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,850
peak book (m)
2,000
x-covered
3.08
book attrition
-7.50%
nic
-
billing & delivering
active leads
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 2800; Registration: Reg S Only; Comments: OBL 2.1% 04/29 @98.190 / 2.759% / b+79.5bps (HR:115%). Tax Call: Yes. Par Call: 1m. CoC: 101%. SMR: Yes. Clean-Up Call: 80%. LEI: LZ2C6E0W5W7LQMX5ZI37; Book size: 1850; Registration: Reg S Only; Comments: DBR 2.5% 02/35 TWIN @95.330 / 3.118% / b+115.3bps (HR: 100%). Tax Call: Yes. Par Call: 3m. CoC: 101%. SMR: Yes. Clean-Up Call: 80%. LEI: LZ2C6E0W5W7LQMX5ZI37;
Use of Proceeds
General corporate purposes, including financing acquisitions
Relative Value

COMPS

Ticker

Issue Date

Maturity

Tenor remaining

YTM (%)

I+ (BID)

Coupon

Amount (EUR m)

Ratings (M/S/F)

Retail denoms

HEIGR 1.750 4/28

16/04/2018

24/04/2028

1.9

3.17%

20

1.75%

€ 750

Baa2 / BBB / WD

Y

HEIGR 3.000 7/30

14/05/2025

10/07/1930

4.1

3.53%

53

3.00%

€ 750

Baa2 / BBB / -

Y

HEIGR 3.375 10/31

17/09/2024

17/10/1931

5.4

3.47%

43

3.38%

€ 500

Baa2 / BBB / -

Y

HEIGR 3.750 5/32

13/01/2023

31/05/1932

6

3.67%

62

3.75%

€ 750

Baa2 / BBB / -

Y

HEIGR 4.875 11/33

13/11/2023

21/11/1933

7.5

4.01%

88

4.88%

€ 750

Baa2 / BBB / -

Y

HEIGR 3.950 7/34

13/06/2024

19/07/1934

8.2

3.99%

84

3.95%

€ 700

Baa2 / BBB / -

Y

HEIGR 3.750 7/36

08/01/2026

15/07/1936

10.2

4.25%

103

3.75%

€ 600

Baa2 / BBB / -

Y