Commentary & Deal Flow

10yr: Final Books > €2.2bn. Peak book €3.2bn+

Launched: 10yr: €600m @ MS+122bp - Books €3.2bn+ [Pre Rec]

IPTs: 10yr: MS+160a

• Issuer: SUEZ
• Ticker: SUEZFP
• Country: FR
• LEI: 5493007LKZ37MXEN5D79
• Issuer Rating: Baa2 (Negative Outlook) by Moody’s
• Expected Issue Rating: Baa2 by Moody’s
• Issue Type: Fixed Rates Notes
• Format: Senior Unsecured, Reg S (Category 2), Bearer Dematerialised
• Settlement Date: 30-Jun-26 (T+4)
• Maturity Date: 30-Jun-36 (10y)
• Issue Size: €600m
• Launched: MS+122bp
• Coupon: Fixed, Annual, Act/Act (ICMA)
• Reference Benchmark: DBR 2.9 15-Feb-36 / HR 96%
• Hedge Deadline: 16:00 UKT / 17:00 CET
• Use of Proceeds: The net proceeds of the issue of the Notes will be used to finance or refinance, in whole or in part, existing or future Eligible Green Projects, as defined in the relevant Final Terms and described in the Issuer’s Green Financing Framework (as amended and supplemented from time to time)
• SPO Provider: Moody's ratings, SPO dated 27-Aug-25
• ESG Information: The Green Financing Framework 2025 and SPO are available on the Issuer’s website (https://www.suez.com/en/group/finance/green-framework-2025) The Green Financing Framework does not form part of the Base Prospectus or the Final Terms.
• Documentation: EMTN Programme dated 22-May-26 / French Law / Euronext Paris / MWC (OAT) / Change of Control / Clean-Up Call 75% / 3m Par Call / €100k + €100k
• Investor Presentation: https://dealroadshow.com/e/SUEZ2026 (Recommended) or visit https://dealroadshow.com and enter the deal entry code: SUEZ2026 (not case-sensitive)
• ISIN Code: FR0014019HT9
• Clearing: Euroclear France
• Global Coordinators: Natixis, NatWest (B&D), Société Générale
• Other Bookrunners: ING, MUFG
• ESG structurer: Natixis
• Target Market: Manufacturer target market is eligible counterparties and professional investors (all distribution channels). No EEA PRIIPs key information document (KID), no disclosure document under the DISC or CCI product summary has been prepared as not available to retail in EEA or the UK.
• Advertisement: The Base Prospectus dated 22-May-26 is available on the website of the AMF (http://www.amf-france.org) and on the Issuer’s website (https://www.suez.com/en/finance/debt-and-rating). The Final Terms, when published, will be available on the website of the AMF (www.amf-france.org)
• Selling Restrictions: As documented in the EMTN Programme dated 22-May-26
• Timing: Allocations and pricing this afternoon.