Commentary & Deal Flow

Wienerberger AG (WIEAV) EUR400m (from EUR300-400m and EUR300m minimum) Reg S bearer sr unsec notes due 04-June-2025 (5y). NCL (MWC B+50bp), 3mo par call). Ba1/NR (negative/--). Via BNPP/Raiffeisen Bank Intl (B&D)/UniCredit jt books. Coupon: fixed, annual, act/act ICMA. Denoms 100x1. Listing: Vienna Stock Exchange. Austrian Law. Settles June 4 (T+5). ISIN: AT0000A2GLA0. IPT: 3.375% area. Guidance: 3.00%-3.125%, expect EUR300-400m size (books were over EUR1.1bn). Final guidance: 2.875%-3.00%. Final terms: 2.875% yield, EUR400m size, Books were over EUR1.1bn (at tight end of final guidance pre-rec).

Priced: 2.75% at 99.425, yield 2.875%. MS+314.3bp. +348.7bp vs OBL 0% 04/11/25.

Did general investor call on 26 May at 2pm UKT/3pm CET and a series of one-on-one fixed income investor calls May 26-27 (UniCredit coordinated logistics). Books closed at 12:30pm UKT. UOP: repay EUR300m 18mo bridge loan incurred to repay its EUR300m 4% bonds at maturity on April 17, 2020, and GCP. Biz: producer and marketer of building products (bricks, clay and concrete roof tiles, ceramic and plastic pipe, and concrete pavers. HQ: Vienna, Austria.