Valeo SE (FRFP)

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C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
HYC	COND	PRCD	FRFP	Valeo SE	€600		1	EMEA	May 27, 2026

Tranche #1Valeo SE

currency

EUR

size (m)

600.000

maturity

Feb 3, 2033

type

Fixed

tenor

6.750

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Ba1

s&p

fitch

size description

re-open/tap

ipt

5.50% area

ipt-pxd

-45

guidance

n/a - straight to launch

spread

218.5

coupon

4.875%

spread set

price

99.05500

yield

5.05%

book size (m)

1,700

peak book (m)

2,100

x-covered

2.83

book attrition

-19.05%

nic

billing & delivering

active leads

,,,,

joint leads

passive leads

co-managers

coordinating managers

book size (m)

1,700

peak book (m)

2,100

x-covered

2.83

book attrition

-19.05%

nic

billing & delivering

active leads

,,,,

joint leads

passive leads

co-managers

coordinating managers

Tranche Comments

Book size: 1700; Registration: Reg S Only; Comments: DBR 2 ½ 11/15/32 @98.40 / 2.771% / B+227.9. Par Call: 3m. MWC: Yes. CoC: Yes. Clean-Up Call: 80%. LEI: 5493006IH2N2WMIBB742;

Use of Proceeds

GCP; refinance EUR 750m 5.375% Notes (May-27)

Relative Value

COMPS
Ticker	Cpn (%)	Maturity	Amount (€mn)	Tenor	Bid Yield	Bid I-Spread
FRFP	4.5	11/04/2030	850	3.9	4.157	137
FRFP	5.125	20/05/2031	650	5	4.588	178
FRFP	4.625	23/03/2032	500	5.8	4.804	198

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