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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
HLTH
PRCD
SNLN
Smith & Nephew PLC€500
1EMEA
May 27, 2026
currency
EUR
size (m)
500.000
maturity
Jun 3, 2038
type
Fixed
tenor
12.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
-
s&p
BBB+
fitch
BBB+
size description
Will Not Grow
re-open/tap
No
ipt
MS+155 area
ipt-pxd
-37
guidance
MS+120 area
spread
118
coupon
4.25%
spread set
-
price
99.85200
yield
4.266%
book size (m)
3,400
peak book (m)
3,550
x-covered
6.8
book attrition
-4.23%
nic
-
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
book size (m)
3,400
peak book (m)
3,550
x-covered
6.8
book attrition
-4.23%
nic
-
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
Tranche Comments
Book size: 3400; Registration: Reg S Only; Comments: 109.1bps vs DBR 1 05/15/38 @78.63 / 3.175% (HR:108%). MWC: B+20. CoC: 100%. Clean-Up Call: 75%. LEI: 213800ZTMDN8S67S1H61;
Use of Proceeds
General Corporate Purposes, including the repayment of existing indebtedness
Relative Value

COMPS

Ticker

Rating

Coupon

Maturity

Tenor

Size

I-Spread

SNLN

Baa2/BBB+/BBB+

4.57%

Oct-29

3.4y

500m

+57 bps

BSX

A3/A-/A-

3.25%

Mar-34

7.8y

650m

+75 bps

BDX

Baa2/BBB/BBB

3.86%

May-33

7.0y

600m

+87 bps

ZBH

Baa2/BBB/BBB

3.52%

Dec-32

6.6y

700m

+87 bps

FREGR

Baa3/BBB/BBB-

3.50%

Mar-34

7.8y

500m

+91 bps

SYK

A3/BBB+/-

3.63%

Sep-36

10.3y

600m

+84 bps

PHIANA

Baa1/BBB+/WD

4.00%

May-35

9.0y

500m

+92 bps

BDX

Baa2/BBB/BBB

4.03%

Jun-36

10.0y

800m

+101 bps

Ticker

Rating

Coupon

Maturity

Tenor

Size

I-Spread

LONNVX

-/BBB+/-

3.88%

Apr-36

9.9y

1000m

+93 bps

SDZSW

-/BBB/-

4.00%

Mar-35

8.9y

500m

+96 bps