Commentary & Deal Flow

Orano SA (ORANOF) EUR500m (will not grow) Reg S bearer sr notes due March 08, 2028 (7.5y). NCL (MWC B+50bp) (3mo par call) (80% clean-up call). Expect NR/BB+. Annual pay (ACT/ACT, short first coupon). Via BOC/BMO/BNPP/CA/GS/HSBC/JPM/Santander (B&D) active books. Off EMTM programme. List Paris. French law. Denoms: EUR100k+100k. Settles Sept 8 (T+5). ISIN: FR0013533031. IPT ms+360bp area. Price guidance: ms+325bp area. Books: approx. EUR1.9bn (pre-rec). Final terms: EUR500m at ms+315bp. Books: approx. EUR2.4bn (pre-rec at guidance).

Priced: 2.75% at 99.164, yield 2.877%. ms+315bp. +345.5bp vs DBR 0.50% 02/15/28. Final books: over EUR2.2bn.

Netroadshow was available. Books went subject at 11:40am UKT today. UOP: GCP and debt refi (partially redeem its notes due 09/04/20 and notes due 03/22/21). Biz: offers products and services with high added value throughout the entire nuclear fuel cycle, from raw materials to waste treatment (mining, dismantling, conversion, enrichment, recycling, logistics and engineering). HQ: Chatillon, France.