Commentary & Deal Flow

Elis SA (ELISGP) EUR300m Reg S Bearer sr notes (EMTN) due 05/24/27 (5y). NCL (MWC, 3m par call, clean-up call (80%)). Expect Ba2/BB+/(BBB low DBRS) (stable/stable/stable). Via DB (B&D)/Natixis/SocGen jt glocos/CAC/Danske/HSBC jt active books/Postale passive books. Annual pay (Act/Act). French law. List Euronext Paris. Settles 05/24 (T+5).

IPT: 4.875% area.

Books are open. Pricing today. UOP: refinance its EUR450m 1.875% sr notes due 02/15/23 (MWC B+30bp). Biz: an intl multi-service provider, offering textile, hygiene, and facility services in Europe and Latin America. HQ: Saint-Cloud, France.