Commentary & Deal Flow

Accor SA (ACFP) expect EUR500m Reg S bearer fixed rate sr unsec sustainability-linked notes due 11/29/28 (7y). NCL (MWC) (3mo par call) (75% clean-up call). NR/BB+/BB+ (neg/stable). Via CA/HSBC jt glocos/Commerz/MUFG/Santander/SocGen/UniCredit jt active books. CA and Santander as ESG Structuring Advisors. French law. List Euronext Paris. Annual pay (Act/Act). SPTs - KPI 1: reduce the Group's absolute scope 1 and 2 GHG emissions by 25.2% by 12/31/25 (the target observation date) from a 2019 base year (3,471 ktCO2eq); KPI 2: reduce the group's absolute scope 3 GHG emissions by 15% by 12/31/25 from a 2019 base year (3,761 ktCO2eq). Coupon step-up: 12.5bp for each unmet SPT, applicable to all interest periods commencing on or after the target observation date. Settles 11/29 (T+7). ISIN: FR0014006ND8.

IPT: 2.625%-2.75%.

Weds update: The roadshow ended Tuesday with over 100 investors engaged. Accor said it was focused on a EUR500m 7y SLB. The balance of investor feedback was in the context of mid/high 2s. Virtual roadshow 11/15-16 (investor call at10am UKT 11/15). The books are open. Pricing today. HSBC coordinated roadshow logistics. UOP: GCP, including but not limited to the refinancing (tender offer) of its EUR500m 3.625% sr notes due Sept 2023 (FR0012949949) (purchase yield of -0.10%) and its EUR600m 2.50% sr notes due Jan 2024 (FR0013233384) (purchase spread of 60bp vs the interpolated mid-swap rate). CA and MUFG are acting as Structuring Advisors and BNPP, CIC, Natixis and Santander as Dealer Managers. Biz: a world leader in hospitality. HQ: Issy-les-Moullineaux, France. The Sustainability-Linked Bond (SLB) offering will be issued in accordance with Accor’s Sustainability-Linked Bond Framework. A second Party Opinion (SPO) has been delivered by Sustainalytics.