Commentary & Deal Flow

Amplifon SpA EUR350m (up from EUR300m) Reg S bearer NGN sr unsec notes due 13-Feb-2027 (7y). NCL (MWC B+30bp), 3mo-par call and clean up call (80%). NR/BB+ (--/stable). Via UniCredit gloco (B&D)/BNPP/HSBC/ING/Mediobanca joint books. Coupon pays annually (act/act). List lux. English law. Settles Feb 13 (T+6). ISIN: XS2116503546. IPT: m/s +180-190bp. Price guidance m/s+155bp area. Final terms/Launch: EUR350m at m/s+140bp.

Priced: 1.125% at 99.253, yield 1.237%. m/s+140bp. +179.4bp vs DBR 0% 08/15/26.

Final books approx 3bn (at guidance books were approx EUR3.5bn, pre-rec). Roadshow: Jan 30-Feb 04 (30 Jan Milan 1x1s + Group lunch, 31 Jan Germany 1x1s, 3 Feb London 1x1s + Group lunch, 4 Feb Amsterdam Group breakfast/Paris 1x1s + Group lunch). UOP: repay debt, GCP. Biz: hearing products and services. HQ: Milan, Italy.