Commentary & Deal Flow

Off the IG desk: Spie SA (SPIEFP) EUR600m (from benchmark size) Reg S bearer (Cat 2) sr unsec sustainability-linked notes due 05/28/30 (5y). NCL (MWC, 3mo par call, 75% clean-up call). NR/BB+/BB+ (--/stable/positive). Via BNP (BD)/CA/Natixis/SocGen jt glocos/CIC/Commerz/ING/La Banque Postale/JPM jt active books. (CA ESG structuring advisor). List Paris. French law. Annual pay (Act/Act). Settles 05/28 (T+5). ISIN: FR001400ZYD0. IPT: 4.25%-4.375%. Price talk: 3.875% area (+/-0.125%) WPIR.

Final terms: EUR600m  at 3.75% yield.

Did a series of investor calls 05/19-20. Books subject at 12:45pm UKT 05/21. Pricing 05/21. Books over EUR2bn at guidance (pre-rec). UOP: GCP, and to partially refinance the existing debt of the Group by redeeming all of the EUR600m 2.625% note due 06/18/26 (callable at 100) that were issued on 06/18/19. Biz: an independent European leader in multi-technical services in the areas of energy and communications. HQ: Cergy-Pontoise, France.

SPTs: SPT1 for KPI 1: Reduce absolute Scope 1 & 2 GHG emissions in tCO2e by 41% by 31 Dec. 2028 from a 2019 baseline. SPT2 for KPI 2: Reduce Scope 3 Intensity per Value Added by 41% by 31 Dec. 2028 from a 2019 baseline.

S-L premium: .50% max of the outstanding principal amount of the Bond at the maturity date:- 0.25% if one of the SPT is not achieved, - 0.50% if both of the SPTs are not achieved.

Observation date: 12/31/28.