Commentary & Deal Flow

Via Celere Desarrollos Inmobiliarios SA (CELDES) EUR300m 144A/Reg S Green sr sec notes due 2026 (5y). NC2 (50%,25%,par). Expect --/B+/BB. Via JPM (B&D)/DB joint glocos & physical books/CS/Santander/Caixa/BBVA/Sabadell joint books. JPM green structuring Agent. List Dublin.

IPT: high 5s to 6%.

Virtual meetings Today through Weds (Investor call at 11am UKT today). UOP: GCP, including repaying debt, cash on the B/S. An amount equal to the net proceeds from the Offering is intended to be allocated to Eligible Green Projects. Biz: a leading developer of residential homes in Spain. HQ: Madrid, Spain.