Commentary & Deal Flow

OCP S.A. (OCPMR) exp Baa3/BB+/BB+ (s/p/s) US$1.75bn 144A/Reg S 2-part sr notes (5y due 5/30/30 and long 10y due 3/1/36). 1mo par call on 5y and 3mos on L10y. Citi/JPM (B&D) as JGCs/active JBRs; BNP/DB/Miz/SMBC as passive JBRs. Pricing 4/23. Settle 4/30.

IPTs: 5y +265 area, L10y +290 area.
UPDATE: 5y spread set at T+235#, L10y spread set at T+260#.

PRICED:
$750m 6.10% 5/30/30 99.006 6.335% T+235.
$1bn 6.70% 3/1/36 98.027 6.964% T+260.