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by Oleksandr Vynychuk

Sep 30, 2026 5:15 AM ET

REV GUIDANCE: Principality of Andorra €500m WNG 3yr Sust Sr Unsec; MS+35a

IGC European Market: Deal Flow - General

Issuer	Term	Maturity	Size	Ranking	Type	Guidance
Principality of Andorra	3yr	07-Oct-29	€500m WNG	Sr Unsec	Fixed	MS+35a

Revised Guidance: 3yr: MS+35a - Books above €1.2bn

Guidance: 3yr: MS+40a

Issuer: Principality of Andorra (Ticker: ANDRRA)
Issuer Ratings: Baa1/A-/A- (Pos/Pos/Sta) by Moody's/S&P/Fitch
Exp. Issue Ratings: A- by S&P
Format: Reg S, Bearer
Ranking: Senior Unsecured
Size: €500m WNG
Settlement: 07-Oct-26 (T+5)
Maturity: 07-Oct-29
Coupon: Fixed, Annual, Act/Act
Docs/Listing: EMTN/Luxembourg
Gov Law: Luxembourg Law
Min Denoms: €100k + €100k
Use of Proceeds: According to the Principality of Andorra Green, Social and Sustainability Framework
Sole ESG Structuring Advisor: CACIB
Bookrunners: Citi (B&D) / CACIB / Santander
Timing: Books open, Today's business. Pricing later today
ISIN: XS3528380986
Target Market: The target market for the Bonds is professionals and eligible counterparties (all channels for distribution), each as defined in MIFID II
Advertisement: The final prospectus, when published, will be available at [http://www.bourse.lu]