| CCY | SZE(M) | TNR | MTY | RNK | MO | SP | FI | TYPE | BNCH | IPT | GDNC | SPRD | CPN | NIC | PRICE |
|---|
| EUR | 750.000 | 61.25 | Aug-84 | - | Ba1 | BB+ | BB+ | Fixed | Swaps | 6.875% a | 6.625% | 348.9 | 6.50% | - | 99.41500 |
| GBP | 500.000 | 63.25 | Aug-86 | - | Ba1 | BB+ | BB+ | Fixed | G | 8.375% a | 8.125% | 383.7 | 8.00% | - | 99.32600 |
Tranche Comments
61.25 yr: Book size: 1700; Redemption: 2029-08-30; Registration: Reg S Only; Comments: EUR750m (upsized from EUR700m) 61.25NC6.25 bmk hybrid RegS. Ba1/BB+/BB+/. EUR BNPP/BofA(B&D)/GSI/MUFG. IPTs EUR 6.875% area (ann yield). Set 6.625% exp 700m. Launch 750m. Final books 1.7bn+ (peak 1.8bn). DBR 0% 08/2029 @ (86.31) B+423.1. With tender offer. Reset Date: 2029-08-30. Par Call: 3m. Cleanup Call: 75%. Tax Call: Yes. MWC: B+50bp. Regulatory Call: Yes, Capital Event. CoC: 101%. LEI: 213800TB53ELEUKM7Q61;
63.25 yr: Book size: 1050; Redemption: 2031-08-30; Registration: Reg S Only; Comments: GBP500m 63.25NC8.25 bmk hybrid RegS. Ba1/BB+/BB+/. GBP BofA(B&D)/NatWest/RBC. IPTs GBP 8.375% area (ann yield). Set 8.125% exp 400m-500m. Launch 500m. Final books 1.05bn+ (peak 1.1bn). UKT 0.25% 07/2031 @ 73.29, G+383.7. With tender offer. Par Call: 3m. Cleanup Call: 75%. Tax Call: Yes. MWC: G+50bp (not during par call period/on coupon dates). Regulatory Call: Yes, Capital Event. CoC: 101%. LEI: 213800TB53ELEUKM7Q61;
Deal Comments
Hybrid Bond. Joint Bookrunners: BAM (B&D); 61.25yr: BNP, HSS, MUF; 63.25yr: NTW, RBC
Use of Proceeds
Refinancing and for general corporate purposes