Commentary & Deal Flow

Renault SA (RENAUL) EUR850m (up from EUR750m expected size and from benchmark size) Reg S (Cat 2) bearer sr notes green bond due 09/30/30 (5Y). NCL (MWC B+25bp, 3mo par call, 75% clean-up call). Ba1/BB+ (positive/positive). Via/BNP/CA/HSBC/Natixis (B&D)/SMBC/UniCredit jt active books. CA/Natixis jt glocos and ESG structuring advisors. Off the EMTN programme. List Paris. French law. Annual pay, Act/Act. Denoms: 100kx100k. Settles 09/30 (T+5). ISIN: FR0014010DR1. IPT: 4.375% area. Guidance: 3.875%-4.00%. Final terms: EUR850m at 3.875% yield.

Priced: 3.875% at 100. +148bp vs 5y MS. +159.1bp vs DBR 0% 08/30.

Did a series of investor meetings 09/22 (CA coordinated the roadshow logistics). Books went subject at 11:45am UKT 09/23. Final books above EURBooks above EUR3.4bn (from EUR3.8bn pre-rec at tight end of guidance and from EUR4.1bn pre-rec at IPT). UOP: Net proceeds will be used to finance or refinance, in part or in whole, eligible projects as per the Sustainable Bond Framework. Biz: European automobile manufacturer. HQ: Boulogne-Billacourt, France.

Deal Roadshow direct link: https://dealroadshow.com/e/RenaultGreenBond25. Entry Code: RenaultGreenBond25

The Sustainable Bond Framework, SPO and Sustainable Bond Framework presentation are available on the Sustainable bond section of the Issuer's website https://www.renaultgroup.com/en/finance/debt-and-ratings/