Commentary & Deal Flow

Launched:
4yr: €650m @ MS+60bp - Books closed €1.65bn (pre-rec, good at set spreads)
8yr: €500m @ MS+90bp - Books closed €1.15bn (pre-rec, good at set spreads)
Spread set at: 4yr: MS+60bp 8yr: MS+90bp - Books north of €3.4bn (evenly split €1.75bn/€1.65bn)
IPTs: 4yr: MS+90a 8yr: MS+120/125bp

• Issuer: Veolia Environnement (Ticker: VIEFP / Country: FR)
• Issuer LEI: 969500LENY69X51OOT31
• Issuer Ratings: Baa1 stable / BBB stable (Moody's / S&P)
• Expected Issue Ratings: Baa1 / BBB (Moody's / S&P)
• Format: Senior, Unsecured, Regulation S (cat 2), Bearer Dematerialized
• Settlement: 02-Sep-26 (T+5)
• Maturity:
  • 4yr: 02-Sep-30
  • 8yr: 02-Sep-34
• Size:
  • 4yr: €650m
  • 8yr: €500m
• Coupon: Fixed, Annual, Act / Act (ICMA)
• Docs: EMTN Programme / Euronext Paris / French Law / Clean-up at 75% / 3m par call / €100k+100k
• MWC: Yes
• UOP: General Corporate Purposes
• Listing: Euronext Paris (Regulated Market)
• Global Coordinators: BofA Securities (B&D), Mizuho
• Active Bookrunners: BofA Securities (B&D), BBVA, CaixaBank, CIC CIB, J.P Morgan, Mizuho, Standard Chartered Bank
• Target Market: The manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK.
• Selling Restrictions: As set out in the Base Prospectus dated 30-Mar-26. Sales into Canada via exemption
• Timing: Books Open, Today's business
• Schedule: Books subject at 12.20 UKT / 13.20 CET
• ISIN:
  • 4yr: FR001401AOY8
  • 8yr: FR001401AOX0