Commentary & Deal Flow

Louis Dreyfus Co BV (LOUDRE) EUR600m (up from EUR500m) Reg S bearer sr unsec notes due 11/27/25 (5y). NCL (MWC B+50bp, 3mo par call, clean-up call at 80%). NR/BB+ (--/positive). Via BNPP/CA/Citi (B&D)/ING joint books. Annual pay, Act/Act. English law. List Lux. Settles 11/27 (T+5). ISIN: XS2264074647. IPT: 2.875%-3.00%. Guidance: 2.50%-2.625%. Launched: EUR600m at 2.375%.

Priced: 2.375% at 100. +313.7bp vs OBL 0% 10/25. ms+284.1bp.

Books went subject at 11:20 UKT today. Final orderboook EUR3.2bn. UOP: GCP. Biz: merchant and processor of agricultural goods. HQ: Rotterdam, The Netherlands.