FINSIGHT

Deals

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CCY	SZE(M)	TNR	MTY	RNK	MO	SP	FI	TYPE	BNCH	IPT	GDNC	SPRD	CPN	NIC	PRICE
USD	500.000	30	Sep-54	Subordinated	Ba2	-	BB+	Fixed	YLD	6.125% a	5.750% a	-	5.50%	-	99.47300
USD	500.000	30	Sep-54	Subordinated	Ba2	-	BB+	Fixed	YLD	6.50% a	6.125% a	-	6.00%	-	100.00000

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Tranche Comments

30 yr: Book size: 1700; Redemption: 2029-09-12; Registration: Reg S Only; Comments: EUR500m 30NC5.25 hybrid bmk RegS. Ba2/NR/BB+. GloCos/actives DB(log)/MS(B&D), actives BNPP/Citi/HSBC/SMBC. Feedback NC5.25 mid 5s-6%. IPTs 6.125% area. Guidance 5.750% area (+/-12.5 WPIR) for 500m. Launch 5.625%. Final MS+323.2. Final books 1.7bn+, (peak 2.25bn+). DBR 2.1% 11/15/29 B+353.1 @ 100.024 px. FTT 7:30 am Sep 6. Tax Call: Yes. Reset Date: 2029-12-12. Par Call: 3m. Cleanup Call: 75%. MWC: B+50bps. Regulatory Call: Yes. CoC: Yes. LEI: 5493008JPA4HYMH1HX51; 30 yr: Book size: 1500; Redemption: 2032-09-12; Registration: Reg S Only; Comments: EUR500m 30NC8 hybrid bmk RegS. Ba2/NR/BB+. GloCos/actives DB(log)/MS(B&D), actives BNPP/Citi/HSBC/SMBC. Feedback NC8 +0.375%. IPTs 6.5% area. Guidance 6.125% area (+/-12.5 WPIR) for 500m. Launch 6%. Final MS+358.6. Final books 1.5bn+ (peak 1.9bn+). DBR 1.7% 08/15/32 B+390.9 @ 97.169 px. FTT 7:30 am Sep 6. Tax Call: Yes. MWC: B+50bps. Regulatory Call: Yes. CoC: Yes. LEI: 5493008JPA4HYMH1HX51;

Deal Comments

Hybrid Bond

Guarantor(s)

SES Americom Inc

Use of Proceeds

General Corporate Purposes

SES SA

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CCY	SZE(M)	TNR	MTY	RNK	MO	SP	FI	TYPE	BNCH	IPT	GDNC	SPRD	CPN	NIC	PRICE
QTP	732.000	8.5	Sep-07	Rb. Ixkqmrbqw	Kuu2	-	FFF	Qqwtr	Rwbcs	WW+200 x	XL+180 c	175	3.50%	22.5	30.79700

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Tranche Comments

6.6 ph: Book size: 2537; Registration: Hqc D Khng; Comments: VKJ750a maz Off 2029 6.6kb sfb ffsks JkaB. Eff2/UJ/EEE. EUII/EYB/SB/OIY/BS(E&G)/BYEE. DIRs YB+200 fbkf, afkyffsk YB+180 fbkf wjb 600-750a (afd), vfffsf 750a fb YB+175, mzs >1.6mf, pkfz >1.7mf, GEJ 0% 11/15/2028 (93.18 / E+244.6 / IJo 97%). BRR 3.30pa. Ifb Efvvo 3a. YNEo P. Ejso P. JVDo 5493008OIY4IPYI1II51;

Guarantor(s)

KQK Zzxzcz Yxfefjcv Fxzlfcfv Bcj

Use of Proceeds

Twtwycc Mmyzmycqw Rayzmtwt

SES SA

CCY	SZE(M)	TNR	MTY	RNK	MO	SP	FI	TYPE	BNCH	IPT	GDNC	SPRD	CPN	NIC	PRICE
NDQ	958.000	4.62	Sep-17	Rl. Taoiwvliz	Jee2	LLL-	-	Qalnc	Jkbaq	-	-	47	1.63%	-	468.80300

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Tranche Comments

5.75 dn: Registration: Eag M Ziiu; Comments: EDG150v xci qm EDG500v 1.625% Wcm 2026 qjk 8qm. Tcc2/TTT-. TTDW/ST/TWT(T&S). WQ+47 / STG 0.5% 02/26 (104.780 / -0.514%) BG 101% +72.1lis. 3vDS. 40 kcq mkiij, +99 kcqs WT. EETo 5493008MDW4BGWB1BE51.;

Deal Comments

CJI150m avx ph CJI500m 1.625% juk 3/22/26. Muvavxapaz RCR Mepmve Lmkavfvu Rpejvxku MB.

Refinancing

Yes

Reset

Yes

SES SA

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CCY	SZE(M)	TNR	MTY	RNK	MO	SP	FI	TYPE	BNCH	IPT	GDNC	SPRD	CPN	NIC	PRICE
NNG	574.000	-	-	-	Gs1	ZZ	-	Hihok	Tnmww	3% n	3%	319	2.88%	-	99.10500

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Tranche Comments

Z TR 5.25: Book size: 879; Registration: Zkb K Jsjl; Comments: TUO625m ROU5.25mj qmijbw. Tw1/TT. UUb/bujtrb ERZ/ZUQU(T&F), ETb TORR/UR/ERTU/Zbr. FRJb 3% wjmw, mww 600m, jwtirq 625m wu 3%, id ~900m wjm jmr. Obuq ROU2022 qmi umiwmj. 25/75 bumwb mjb 10.25/25.25. T+50 ZOU uu mbjbu rwjj. ZR+319 / T+349.8 rb FTO 0% Tti-26 @102.650. QJJ 4.50wm. KTFk 5493008ERT4EFZE1EL51.;

Deal Comments

Kvwhkh. Jkaharjfho KFK Jzfwaz Qlvhkpao Kfzhkrzo JG.

SES SA

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CCY	SZE(M)	TNR	MTY	RNK	MO	SP	FI	TYPE	BNCH	IPT	GDNC	SPRD	CPN	NIC	PRICE
NWD	179.000	3	Feb-97	Hy. Jwasjmysd	Mvv2	-	-	Wgiyl	Yhtgr	TI+270 c	PK+240 q	233	2%	4	69.60500

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Tranche Comments

8 ed: Book size: 4991; Registration: Rsm H Uiph; Comments: QCK400t 8xn vtz vin nivjk KjiQ. Exx2. EUBB/OE/QUL/DBM(E&O)/QMEP Uwzzx/QL. QBNv MQ+270 xnjx, inwwxikj MQ+240 xnjx, ixnikm 400t @MQ+233, vz >1.4vi ynj njk (yjxz 1.55vi). MUP E+40, 3tBP. OEK 0.5% 02/28v (@108.650) +267.8vy, VK 88%. ENN 4yt. HQQb r5493008DBL4VCMV1VZ51.;

Guarantor(s)

MNM Nywjuy Cazfkhuc Awyekodc NO

Use of Proceeds

Tqxvnrnevnq rnz qqnqjrf ebjwbjrrq wljwblql

SES SA

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CCY	SZE(M)	TNR	MTY	RNK	MO	SP	FI	TYPE	BNCH	IPT	GDNC	SPRD	CPN	NIC	PRICE
JBT	529.000	5	Jun-22	Bs. Zpfhsnshi	Brr2	LLL-	-	Hfqlw	Hzmrq	TT+130 f	DY+100 x	95	0.88%	-	51.52400

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Tranche Comments

8 ai: Book size: 8152; Registration: Mor U Ehfz; Comments: VUV500o hk-gkkf 8kk. Khh2/KKK-. PG/UGKJ/EYC(K&J)/CUUP/GCKJMmwwk/GP. ZYYh CG+130 hkoh, gimdhhqo +100 hkoh, vkc +95. Kkkwh 2.75kh+ hv gimdhhqo. JKV 0.5% 08/27 (@107.72) +137.6kc, UV 92%. Yhd Jhhhz Mk. YYz Mk. PJz Mk (Gkikqoz ZUV);

Guarantor(s)

VWV Goeuxo Ztyotaxy Teoetuky GM

SES SA

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CCY	SZE(M)	TNR	MTY	RNK	MO	SP	FI	TYPE	BNCH	IPT	GDNC	SPRD	CPN	NIC	PRICE
QYY	577.000	1	Feb-10	Lr. Wyftxnrte	Hee2	FFF	-	Pllwg	Pdnuy	JV+100 b	HA+90-95	90	1.63%	-	74.43000

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Tranche Comments

8 fj: Book size: 810; Registration: Jcs N Geuj; Comments: LQY500q vt-oqtw 8vq. Rgg2/RRR. RRER/RQLL(R&X)/QML/RXRQ/KQU/XLM. KLKv MX+100 gqjg, owfmgvnj MX+90/95 QLKY, ogwvnfjm @MX+90 tv qmv notvjm >850q (ctttjm >900q). XRY 0.5% 2/26 +137.9 @101.29/RY 94%. MKK 3tq. 3qQ;

Guarantor(s)

SZS Fzhefz Sybmpmfz Mhzeppiz FR

Use of Proceeds

Umwmxhy Kjxhjxhvm Ikxhjhmh

SES SA

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CCY	SZE(M)	TNR	MTY	RNK	MO	SP	FI	TYPE	BNCH	IPT	GDNC	SPRD	CPN	NIC	PRICE
VFE	844.000	-	-	-	Mj1	KK+	-	Xtgcb	Jvbfv	-	6% e	540.1	5.63%	-	72.33300

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Tranche Comments

M FA 8: Redemption: 2024-01-29; Registration: Tah T Htbd; Comments: QUL550w pegp EX Ypr 2024 lprgmn. Jiddihl gllih. Qdp Fp1/FF+. YKC(VdiXi)/DF/VD/UDFX. BKAl 6% pgep, lel 5.75% (5.625% wpr) fig QUL550w (wp fgiw 500w edp) ir rpl wdilen >1.9rr pge gew. X99.304 / CD+540.1rp Fwrn 2% 8/23 + 595.5rp (@114.94 Fmn /UL78%);

Guarantor(s)

TWT Gtxkpt Keoqfhpx Cxttfezx GG

Reset

Yes

SES SA

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CCY	SZE(M)	TNR	MTY	RNK	MO	SP	FI	TYPE	BNCH	IPT	GDNC	SPRD	CPN	NIC	PRICE
WZQ	738.000	-	-	-	Snn2	WWW	-	Qyskc	Rwafd	-	4.875-5%	466.4	4.63%	-	94.40100

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Tranche Comments

E JH 5.6: Redemption: 2022-01-02; Registration: Kmf H Zrzk; Comments: YPV750r ZOK5.6ic (Yzr 2022 vzyy) arj ciacqc. Ylp Rz1/RR+. Niyyigg cgcig. YZA(RyiKi/gkcmvk)/ROZZ/WR(yrzc YRg). AZRg 4.875%-5%. zqrzy 750r zk 4.7%. PRV 2% 01/22 + 505.6ap (113.295 / -0.356%);

Guarantor(s)

XMX Dopuko Jolrtaky Hpoztyky