Commentary & Deal Flow

Split-rated: Teollisuuden Voima Oyj (TVOYFH) EUR600m (up from EUR500m) fixed rate RegS Bearer sr unsec notes due 03/31/27 (5y). NCL (MWC) (3mo par call), 80% clean-up call). NR/BB+/BBB- (--/positive/stable). Via BNP/CA (B&D)/Nordea/Swedbank jt books. Off the EMTN programme. List Lux. Engilsh law. Annual pay (actual/actual). Settles 03/31 (T+5). ISIN: XS2463934864. Off the IG desk. IPT: ms+215bp area. Guidance: ms+190bp area.

Final terms: EUR600m at ms+185bp.

The book is over EIR1.75bn at guidance (pre rec). From EUR1.8bn (pre rec) at IPT. Roadshow began yesterday. Books went subject at 12pm UKT today. Pricing today. 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.