Commentary & Deal Flow

Split-rated: Teollisuuden Voima Oyj (TVOYFH), rated NR/BB+/BBB- (--/positive/stable), has mandated BNP/CA/Nordea/Swedbank jt books to arrange a series of fixed-income investor meetings, commencing today. A NetRoadshow presentation will be made available.

A EUR500m, fixed rate, senior unsecured, RegS Bearer note deal will follow, subject to market conditions. UOP: finance the tender offer for its EUR311.77m 2.625% Notes due Jan 2023 (XS1514470316) at a fixed spread of +45bp vs Interpolated EURIBOR and mid-swap rate, and for GCP: Biz: nuclear power electricity generator in Finland. HQ: Eurajoki, Finland.