by Stephen Carter
Sep 16, 2025 10:58 AM ET
Valeo SE (FRFP) EUR500m (WNG) Reg S, bearer sr unsec notes, green bond due 03/23/32 (6.5y). NCL (MWC B+40bp, 3mo par call, 80% clean-up call). Expect Ba1/BB (negative/stable). Via BNP/Caixa/Citi (B&D)/CA/MUFG/SocGen jt active books. Offered under Valeo’s EUR 5.0bn EMTN Programme. List Paris. French law. CoC. Pays annual (Act/Act), short first. Denoms: 100kx100k. Settles 09/23 (T+5). ISIN: FR0014012SJ2. IPT: 5.125%-5.25%. Guidance: 4.75%-4.875% WPIR. Final terms: EUR500m at 4.75%.
Priced: 4.625% at 99.341, yield 4.75%. MS+230bp. +236.2bp vs DBR 0% Feb 2032.
Books went subject at 12:05pm UKT 09/16. Final book size above EUR2.7bn (from EUR2.6bn at tight-end of guidance, pre-rec and from EUR2.85bn at guidance). UOP: exercise the residual maturity call option on its EUR600m 1.625% sr notes due 03/18/26 at 100 with expected call date to occur 12/18/25 (to finance or refinance any Eligible Projects as defined in the Issuer’s Green and Sustainability-Linked Financing Framework). Biz: a global automotive and industrial supplier. HQ: Paris, France.