Commentary & Deal Flow

Volvo Car AB (publ) (VOVCAB) EUR500m (WNG) Reg S bearer sr unsec green notes due 05/31/28 (6y). NCL (MWC B+55bp, 3mo par call). Exp Ba1/BB+ (pos/pos). Via BofA (B&D)/CA/DB/HSBC jt active books. Off EMTN programme. List Euro MTF (Lux). Annual pay (Act/Act). Settles 05/31 (T+5). ISIN: XS2486825669. IPT: 4.75%-4.875% yield. Guidance: 4.375%-4.50% (WPIR). Launch: EUR500m at 4.375% yield.

Priced: 4.25% at 99.353, yield 4.375%. +362.6bp vs DBR 0.5% Feb 2028.

Books are EUR1.2bn+ (pre-rec) at tight-end of guidadnce (was EUR1.5bn+ (pre-rec) at IPT). Did investor calls yesterday. Books went subject at 12:30pm UKT today. Run off the IG desk. UOP: finance or re-finance, in whole or in part, new or existing, projects, assets or activities that meet the eligibility criteria set out in the Volvo Car Green Financing Framework. Biz: Automobile manufacturer. It is 84% owned by Geely Automobile. HQ: Gothenburg, Sweden.