Commentary & Deal Flow

Volvo Car AB (publ) (VOVCAB) EUR500m (from EUR500-600m maximum and benchmark) Reg S bearer NGN green sr notes due 05/08/30 (6y). NCL (MWC B+35bp) (3mo par call, 75% clean-up call). Ba1/BB+ (stable/stable). Via Barc/Citi (B&D)/Nordea/SocGen jt books. Off its EMTN-programme. Gtd by Volvo Car Corporation. List Lux. Annual pay (actual/actual). Settles 05/08. ISIN: XS2811097075. IPT: 5.125% area (ms+229bp). Guidance: 4.875% area (+/-12.5bp). Final terms: EUR500m at 4.75% yield.

Priced: 4.75% at 100. +221.4bp vs DBR 0% 02/15/30. ms+184bp.

Did investor calls 04/29. Books subject at 12:25pm UKT today. Books over EUR1.75bn (pre-rec). Off the IG desk. A pre-recorded Deal Roadshow presentation with voiceover has been made available at http://www.dealroadshow.com (Passcode: VOLVOCAR24). Barclays coordinated logistics. 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's Green Financing Framework dated May 2023, and a second party opinion rated Dark Green has been issued by CICERO, both of which are available on the Volvo Cars website (https://investors.volvocars.co... -financing). SocGen is acting as Green Structuring Advisor. Biz: Automobile manufacturer. It is 84% owned by Geely Automobile. HQ: Gothenburg, Sweden.