Commentary & Deal Flow

Postponed: BayWa AG, Munich (BYWGR) EUR250m (issuer has the option to retain a portion of the principal amount) Reg S sr notes due 04/29/29 (5y). NCL (MWC) (3mo par) (85% clean-up call). Not rated. Via HSBC (B&D) gloco/Commerz/UniCredit jt books, DZ as co-manager. German law. Annual pay (actual/actual). Settles 04/29 (T+5). ISIN: XS280912879. Px guidance: 6.75% area. Final terms: EUR250m at 6.75% yield. Roadshow 04/15-19. Books went subject at 1pm UKT today. Books were over EUR210m. UOP: refinance its EUR500m 3.125% sr notes due 06/26/24 (callable at 100). Biz: a leading trading and service group company in agriculture, energy and building materials. HQ: Munich, Germany.

+++ 04/22/24 update: Postponed - BayWa has determined not to proceed with the planned offering of 5 year € securities at this time.