Commentary & Deal Flow

Via Celere Desarrollos Inmobiliarios SA (CELDES) EUR320m 144A/Reg S sr sec notes 2031 (5y). NC2 (50%,25%,par). NR/B/BB-. Via JPM (B&D)/DB jt glocos & physical books/BBVA/Bankinter/Santander/Kutxabank jt books. Denoms: 100kx1k. Roadshow (virtual group meetings) 09/22-24 (Investor call at 12pm UKT 09/22). UOP: refinance existing corporate debt, distribute dividend, place cash on the B/S. Biz: a leading developer of residential homes in Spain. HQ: Madrid, Spain.

Netroadshow direct link: www.netroadshow.com/nrs/home/#!/?show=cc7a6cea. Entry code VCL25.