Commentary & Deal Flow

Principality of Andorra (country: Andorra) rated Baa1 / A- / A- (Positive/Positive/Stable) by Moody's/S&P/Fitch, has mandated Citi, Crédit Agricole CIB and Santander to arrange a series of fixed income investor calls to be scheduled on 28-29-Sep. An electronic investor presentation will be made available.

An expected €500m ("no-grow"), Reg S, Sustainable senior unsecured short to intermediate € offering will follow, subject to market conditions.

Call Schedule:
28-29-Sep

DealRoadshow Information:
https://dealroadshow.finsight.com/e/Andorra2026

• Expected Issue Rating: A- by S&P
• Structuring Coordinator: Crédit Agricole CIB acted as Sole Structuring Coordinator of the Green, Social and Sustainability Framework update.
• Stabilisation: ICMA/FCA stabilisation.
• Target Market: Professional & Eligible Counterparties (EU MIFID II/UK MIFIR).
• Andorra’s Green, Social and Sustainability Bond Framework 2026, SPO and other information: https://www.govern.ad/ca/ministeris-i-secretaries-d-estat/ministeri-de-finances/emissions-de-deute-public