Commentary & Deal Flow

Electricité de France S.A. (Ticker: EDF, Country: FR) exp Baa1/BBB+/BBB+ (s/s/s) US$ benchmark 144A/Reg S no reg rights 3-part sr notes (10y FXD due 4/22/36, 30y FXD due 4/22/56 and 40y FXD due 4/22/66). MWC then 3mo par call on 10y (1/22/36), 6mos on 30y (10/22/55) and 6mos on 40y (1022/65). BofA/DB/JPM as joint global coordinators. Citi (B&D)/CACIB/GS/MS/SG/SMBC/WFS as joint active books. Denoms: 100,000 x 1,000. Sales into Canada: Yes, via exemption. Listing: Luxembourg Stock Exchange. UOP: gcp. Pricing 4/15. Settle 4/22 (T+5).

IPTs: 10y T+135 area, 30y T+160 area, 40y T+170-175.

GUIDANCE: 10y T+105#, 30y T+130#, 40y T+145#.

OTHER: