Commentary & Deal Flow

MAHLE GmbH (MAHLGR) EUR750m Reg S bearer sr notes due 05/14/28 (7y). NCL (3mo par call). (clean-up call 80%). Ba1/-- (stable/--). Via BNP (B&D)/Commerz/DB/HSBC as jt active books. Annual pay (Act/Act). List Lux. German Law. Settles 05/14 (T+5). ISIN: XS2341724172. IPT: 2.625% area. Final yield: 2.375%. Final terms: EUR750m at 2.375%.

Priced: 2.375% at 100. +286.1bp vs DBR 0.5% 02/15/28. ms+249.8bp.

Did fixed income investor calls starting 05/05 (DB coordinated logistics). Books went subject at 12:30pm UKT today. Books at EUR1.25bn. UOP: repay debt, GCP. Biz: a leading international development partner and supplier to the automotive industry. HQ: Stuttgart, Germany.