The bonds, maturing in May 2032, have a 6NC5 structure – a six-year maturity with a call option available after five years, in May 2031.
The final spread was set at 195 basis points over the five-year mid-swap, compared to the initial guidance of 225–230 basis points, a compression of approximately 30–35 points reflecting strong investor appetite.
The order book exceeded EUR3.8 billion, excluding interest from the syndicate managers, which means oversubscription was four times the amount placed. The placement result suggests that the market comfortably absorbed the issue premium relative to the issuer’s secondary curve. The mid-swap is currently at 2.8%, according to Bloomberg.
(English version by Loredana Fratila-Cristescu)