Commentary & Deal Flow

Emerging Markets: RCS & RDS SA (Digi Communications) EUR800m 144A/Reg S sr sec notes 2-part. B1/BB- (stable/stable). Via Citi gloco (B&D)/ING/UniCredit joint books. NY Law. List Euronext Dublin. Settle T+5. Tranche split TBD.

- EUR TBA (EUR300m minimum) due 2025 (5y). NC2 (MWC B+50). Equity claw: 2y 40%. Reg S ISIN XS2107451069. IPT: high 2s-3%. Px talk: 2.75% area.

- EUR TBA (EUR300m minimum) due 2028 (8y). NC3 (MWC B+50bp). Equity claw: 3y 40%. Reg S ISIN XS2107452620. IPT: mid-high 3s. Px talk: 3.50% area.

Roadshow Jan 27-28 (Mon London 1-1s and lunch, Tues Paris breakfast and Frankfurt afternoon). Books closed at 12:30pm UKT. Pricing today UK afternoon. UOP: redeem its EUR550m sr notes due 2023, repay bank debt (EUR89m due 2016 and EUR73m due 2018, and EUR22m of redemption premium and accrued unpaid interest), Biz: leading provider of telecom services in Romania and Hungary, and significant MVNO operations and developing own fixed network in Spain. HQ: Bucharest, Romania.