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Commentary & Deal Flow

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Veolia Environnement SA

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Veolia Environnement SA

by Oleksandr Vynychuk

Aug 26, 2026 10:19 AM ET

PRICED: Veolia Environnement €1.15bn 4yr & 8yr Sr Unsec; MS+60 & MS+90

IGC European Market: Deal Flow - General

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Spread	IPT-PXD
Veolia Environnement	4yr	3.678%	02-Sep-30	€650m	Sr Unsec	Fixed	100	3.678%	MS+60	-30
Veolia Environnement	8yr	4.088%	02-Sep-34	€500m	Sr Unsec	Fixed	100	4.088%	MS+90	-32.5

Reoffer: 4yr: MS+60bp / 100 / 3.678% 8yr: MS+90bp / 100 / 4.088%
Benchmark: 4yr: DBR 0% Aug-30 @ 89.4 / B+81.1bp (HR 106%) 8yr: DBR 2.6% Aug-34 @ 96.41 / B+97.2bp (HR 98%)

4yr: Final Book €1.55bn. Peak book €1.75bn
8yr: Final Book €1.05bn. Peak book €1.65bn

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 SA (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, Reg 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
Reoffer:
- 4yr: 100.000% / MS+60 / 3.678% yield / B+81.1
- 8yr: 100.000% / MS+90 / 4.088% yield / B+97.2
Coupon:
- 4yr: 3.678%, Fixed, Annual, ACT/ACT
- 8yr: 4.088%, Fixed, Annual, ACT/ACT
Ref Bmk:
- 4yr: DBR 0% Aug-30 @ 89.4(HR 106%)
- 8yr: DBR 2.6% Aug-34 @ 96.41(HR 98%)
Docs: EMTN Programme / Euronext Paris / French Law / Clean-up (@ 75%) / 3m Par Call / €100k + 100k
Make-Whole Call:
- 4yr: B+15 bps
- 8yr: B+15 bps
ISIN:
- 4yr: FR001401AOY8
- 8yr: FR001401AOX0
ToE:
- 4yr: 15.03 UKT
- 8yr: 15.02 UKT
UoP: General Corporate Purposes
Listing: Euronext Paris (Regulated Market)
Sales to Canada: Sales into Ontario, Alberta, British Columbia only, subject to compliance with applicable law
Global Coordinators: BofA (B&D), Mizuho
Active Bookrunners: BofA (B&D), BBVA, CaixaB, CIC, JPM, Mizuho, SCB
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
Timing: PRICED / FTT 15.30 UKT