Commentary & Deal Flow

Public Power Corp SA (PPCGA) EUR775m Reg S only green sr notes due 10/31/30 (5y). NC2 (10/31/27) (MWC B+50bp), then at 102.125 10/31/27, 101.063 10/31/28, 100 10/31/29. Equity claw: 2y 40% at 104.25. Special call: 10% per year the 1st 2 years at 103. NR/BB-/BB- (--/stable/stable). Via Citi/GS/HSBC (B&D) jt physical books and jt glocos/BofA/BNP/DB/MS/Nomura/SocGen/UniCredit/Alpha Bank/CrediaBank/Eurobank/NBG/Optima Bank/ Piraeus Bank/Ambrosia Capital/AXIA/Euroxx Securities jt books. HSBC as ESG structuring agent. List Dublin. NY law. CoC at 101. Pays April 30 and Oct 31, starting 04/30/26. Denoms: 100kx1k. Settles 10/24 (T+6). ISIN: XS3195996494. IPT: mid-high 4s. Price talk: 4.25%-4.50%. Final terms: EUR775m 4.25% at par.

Priced: 4.25% at 100. +207bp vs DBR 2.40% 11/15/30.

Roadshow (virtual) 10/14-15 (investor call at 11am UKT 10/14). Books closed at 1:30pm UKT 10/16. UOP: redeem in full its EUR775m 3.875% sustainability-linked sr notes due 03/30/26 (callable at 100) (finance or refinance eligible green projects). Biz: leading Southeastern Europe electric Utility (largest power generation company, distribution monopolist and biggest power supply provider in Greece, as well as operations in Romania, North Macedonia, Italy and Bulgaria). HQ: Athens, Greece.

DealRoadshow link: https://urldefense.com/v3/__https:/dealroadshow.com/e/PPC25__;!!O2kDR7mm-zSJ!ujWLWX_vI1_c8eI7aCcOTNWGuOY4KaXXw7hDuDh067t7pwy4dLXylSZnATRit4qGxtWJpcQNFbMR3IWZnkI$