Commentary & Deal Flow

Sanofi SA (SANFP), exp Aa3/AA/AA (s/s/s) by Moody's/S&P/Scope, US$ benchmark SEC registered 5-part sr notes (2y FXD and/or FRN due 11/3/27, 3y FXD and/or FRN due 11/3/28 and 7y FXD due 11/3/32). MWC on FXD tranches. 1mo par call on 3y and 2mos on 7y. Barc/BNP/BofA as joint global coordinators. Active joint books: Barc/BNP/BofA (B&D)/JPM/MUFG/MS/Natixis. Denominations: 2,000 x 1,000. Law / Listing State of New York / None. Sale into Canada Yes - Exemption. UOP: General Corporate Purposes. Pricing 10/27. Settle 11/3 (T+5). CUSIP: 2y FXD: 801060AE4, 2y FRN: 801060AF1, 3y FXD: 801060AG9, 3y FRN: 801060AH7, 7y: 801060AJ3. ISIN: 2y FXD: US801060AE44, 2y FRN: US801060AF19, 3y FXD: US801060AG91, 3y FRN: US801060AH74, 7y: US801060AJ31.

IPTs: 2y T+45 area and SOFR equiv, 3y T+50 area and SOFR equiv, 7y T+70 area.

GUIDANCE: 2y FXD T+25#, 2y FRN SOFR+46#, 3y FXD T+30#, 3y FRN SOFR+54#, 7y T+45#.


*** NETROADSHOW INFO ON SANFP ***

* Deputy CFO of Sanofi Olivier Klaric is avaialble for calls

* NETROADSHOW LINK:

http://www.netroadshow.com/nrs/home/#!/?show=c715d59e (recommended) or

https://www.netroadshow.com with entry Code: Sanfp25 (not case-sensitive)