Commentary & Deal Flow

Final Books >€1.7bn. Peak book >€2.1bn
Launched: 6.7yr: €600m @ 5.050% - Books > €2.1bn
IPTs: 6.7yr: 5.50% area

• Issuer: Valeo SE
• Ticker: FRFP
• Country: FR
• Issuer LEI: 5493006IH2N2WMIBB742
• Issuer Ratings: Ba1 (negative) / BB (stable) (Moody's/S&P)
• Expected Issue Ratings: Ba1/BB (Moody's/S&P)
• Format: Senior, Unsecured, Reg S, Bearer
• Settlement Date: 03-Jun-26 (T+5)
• ISIN: FR0014018J35
• Size: €600m
• Maturity: 03-Feb-33 (6.7-year fixed)
• Coupon: 4.875% (Fixed, Annual, ACT/ACT, Short First)
• Docs: EMTN Programme / French Law / €100k+100k / Euronext Paris / Change of control (Put) / MWC / Clean-Up call (80%) / 3m Par-Call
• UoP: The net proceeds of the issue of the Notes will be used to finance general corporate purposes including the potential exercise in H2 2026 of the Issuer's make-whole redemption option to redeem in whole or in part the outstanding EUR750,000,000 5.375% Notes due 28 May 2027 (ISIN: FR001400EA16) in accordance with the provisions of the terms and conditions of such Notes
• Active Bookrunners: BNP Paribas, CaixaBank, Citi, MUFG, Natixis (B&D), Société Générale
• Target Market: Manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs key information document (KID) and no UK disclosure document required by the FCA Product Disclosure Sourcebook have been prepared as the notes are not available to retail in the EEA or the UK
• Selling Restriction: As documented in the EMTN Programme
• Advertisement Language: The Base Prospectus and its supplement are available on the website of the AMF (http://www.amf-france.org) and on the Issuer’s website (https://www.valeo.com/en/debt-and-rating/). The Final Terms, when available, will also be published on the websites of the Issuer (https://www.valeo.com/en/debt-and-rating/) and of the AMF (http://www.amf-france.org).
• Books Subject: 12.55 UKT / 13.55 CET
• Timing: Today's business