Commentary & Deal Flow

+++Updates final book size+++

Titan Global Finance Plc (TITKGA) size set at EUR350m (vs EUR350m expected) Reg S CAT 2 sr notes due 02/04/31 (5y). NCL (MWC B+20bp, 3mo par call, 80% clean up call at par). NR/BB+/BB+ (--/positive/positive). Via BNP/HSBC (B&D(/Soc Gen jt glocos/Alpha Bank/BofA/Citi/Eurobank/Natl Bank of Greece/Piraeus Bank/RBI jt books. List Dublin. English law. CoC. Annual pay (Act/Act). Denoms: 100kx1k. Settles 02/04 (T+5). ISIN: XS3263933049. IPT: 4.00% area. Final guidance: 3.625% area (+/-0.125%) WPIR. Launched: EUR350m at 3.50% yield.

Priced: 3.50% at 100. +111.4bp vs OBL 2.20% 10/10/30.

Books closed at 11:45am UKT 01/28. Final book size over EUR2.4bn (from book size over EUR2.6bn at tight end of guidance, pre-rec and EUR2.7bn at IPT). UOP: GCP, including capex plans and partially for the funding of one or more of the Titan Group’s recently announced acquisitions. Biz: a sub of Titan SA, a vertically integrated group that manufactures, distributes and trades, cement, aggregates, ready-mix concrete and related building products in four regions, the US (including Canada), Greece and Western Europe, Southeastern Europe and the Eastern Mediterranean. HQ: Brussels, Belgium.