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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
CONS
PRCD
SZUGR
Sudzucker International Finance BV€400
1EMEA
May 28, 2026
currency
EUR
size (m)
400.000
maturity
Jun 5, 2031
type
Fixed
tenor
5.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa3
s&p
BBB-
fitch
-
size description
Will Not Grow
re-open/tap
No
ipt
MS+200 area
ipt-pxd
-35
guidance
n/a - straight to launch
spread
165
coupon
4.375%
spread set
-
price
99.59100
yield
4.468%
book size (m)
1,300
peak book (m)
1,800
x-covered
3.25
book attrition
-27.78%
nic
-
billing & delivering
active leads
joint leads
passive leads
-
co-managers
-
coordinating managers
book size (m)
1,300
peak book (m)
1,800
x-covered
3.25
book attrition
-27.78%
nic
-
billing & delivering
active leads
joint leads
passive leads
-
co-managers
-
coordinating managers
Tranche Comments
Book size: 1300; Registration: Reg S Only; Comments: HR 98% vs OBL 2.5% 04/2031. Tax Call: Yes. MWC: B+30. CoC: 100%. Clean-Up Call: 80%. LEI: 724500M1VGG79HOVI026;
Guarantor(s)
Südzucker AG
Use of Proceeds
General corporate purposes, including the refinancing of the outstanding EUR 400mn 5.125% SLB notes due 2027
Relative Value

COMPS

Ticker

MDY

S&P

Fitch

Issue

Maturity

Coupon

TTM

Amount

€MS+

YTM

SUDZUCKER INT

-

BBB-

-

Jan-25

Jan-32

4.13%

5.7y

575m

+124 bps

4.08%

Ticker

MDY

S&P

Fitch

Issue

Maturity

Coupon

TTM

Amount

€MS+

YTM

BARRY CALLE SVCS

Baa3

BBB-

-

Feb-25

Aug-31

4.25%

5.2y

850m

+104 bps

3.86%

ROQUETTE FRERE

-

BBB

-

Nov-24

Nov-31

3.77%

5.5y

600m

+112 bps

3.95%

MAPLE PARENT

Baa3

(P)BBB-

BBB-

Mar-26

Mar-32

4.22%

5.8y

800m

+122 bps

4.06%

Ticker

MDY

S&P

Fitch

Issue

Maturity

Coupon

TTM

Amount

€MS+

YTM

AKZO NOBEL NV

Baa3

BBB

-

Mar-26

Mar-31

4.00%

4.8y

600m

+103 bps

3.83%

HUHTAMAKI OYJ

-

BBB-

-

May-26

May-32

3.88%

6.0y

300m

+105 bps

3.91%

SIG COMBIBLOC PU

Baa3

BBB-

-

Mar-26

Apr-31

4.00%

4.9y

500m

+109 bps

3.90%

DT LUFTHANSA AG

Baa3

BBB-

BBB-

May-26

Jan-32

4.13%

5.7y

750m

+114 bps

3.97%

ARCADIS NV

-

-

-

May-26

May-31

4.00%

5.0y

300m

+126 bps

4.08%

SILFIN NV

-

BBB-

-

Nov-25

May-32

4.25%

6.0y

350m

+146 bps

4.30%