Commentary & Deal Flow

Sanofi SA (SANFP), exp Aa3/AA/AA (s/s/s) by Moody's/S&P/Scope, US$3bn 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. First Pay FXD tranches: 5/3/26. Day Count FXD tranches: 30/360. 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#.
LAUNCHED: $500m 2y FRN at SOFR+46, $400m 2y FXD at T+25, $500m 3y FRN at SOFR+54, $400m 3y FXD at T+30, $1.2bn 7y at T+45.

PRICED:
$500m 11/3/27 FRN at SOFR+46, at 100.
$400m 3.75% 11/3/27 99.998 3.751% T+25. MW+5.
$500m 11/3/28 FRN at SOFR+54, at 100.
$400m 3.80% 11/3/28 99.994 3.802% T+30. MW+5.
$1.2bn 4.20% 11/3/32 99.790 4.235% T+45. MW+10.


*** 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)