Veolia Environnement SA (VIE) 2020-4

CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
EUR850.000---Baa3BB+-FixedSwaps2.625-2.75%2.25-2.375%270.62.25%-100.00000
EUR1,150.000---Baa3BB+-FixedSwaps3-3.125%2.5-2.625%2842.50%-100.00000
Tranche Comments
Perp NC 5.5: Redemption: 2026-04-20; Registration: Reg S Only; Comments: EUR850m PNC5.5yr, with PNC8.5yr hybrid RegS, max 2bn. Baa3/BB+. GCs Natx(struc)/DB/Miz(B&D)/MUFG. JBs BBVA/BNPP/CIC/Medio/SMBC Nikko/StCh/Uni. IPTs 2.625%/2.75%, guidance 2.375% area, launch 850m @2.25%, bk >2.3bn. MWC B+45. 3mPC. MS+270.6bps / DBR 0.5 Feb26 (106.968) +302.5bps. FTT 7.30am Thurs. LEI: 969500LENY69X51OOT31; Perp NC 8.5: Redemption: 2029-04-20; Registration: Reg S Only; Comments: EUR1.15bn PNC 8.5yr, with PNC5.5yr hybrid RegS. Baa3/BB+. GCs Natx(struc)/DB/Miz/MUFG. JBs BBVA/BNPP/CIC/Medio/SMBC Nikko/StCh/Uni. IPTs 3%/3.125%, guidance 2.625% area, launch 1.15bn at 2.5%. 3mPC. Bk >3.3bn pre rec @guidance. MWC B+50. MS+284.0bps / DBR 0.25 Feb29 (107.924) +317.1bps. FTT 7.30am Thurs;
Use of Proceeds
Refinancing