Bond Investors

The Group aims to maintain broad access to liquidity to meet its commitments and investment needs. The quality of debt management is recognized by the rating agencies Standard & Poor's and Moody's.

Type	Final terms at	Maturity	Outstanding amount	Coupon	Prospectus and supplements
Euro PP	02/11/2017	Nov 2019	€350m	0%	2017 & n°1
Convertible bond	16/06/2016	June 2021	USD 575m	0%	NA
EMTN	08/09/2017	Sept. 2022	€600m	0.375%	2017 & n°1
EMTN	09/01/2017	January 2023	€500m	0.625%	2016 & n°1, n°2, n°3, n°4, n°5
Schuldschein	NA	April 2023	€336m	Eurib 6M (floor) + 0.95% / 0.95%	NA
EMTN	15/01/2014	January 2024	€700m	3.25%	2013 & n°1
EMTN	14/06/2018	June 2025	€600m	1.50%	2017 & n°1, n°2
Schuldschein	NA	April 2025	€212m	Eurib 6M (floor) + 1.15% / 1.291%	NA
EMTN	16/03/2016	March 2026	€600m	1.625%	2015 & n°1

Current EMTN Program (bonds):

Base prospectus dated as of 15 April 2019

DETAIL OF SHORT-TERM FINANCING

BANK CREDIT LINES

Valeo has access to liquidity through confirmed bank credit lines with a weighted average maturity of 3.55 years as of June 30, 2019, representing an aggregate amount of 1.1 billion euros.

COMMERCIAL PAPER

Valeo has access to liquidity through a short-term commercial paper financing program for a maximum amount of 2 billion euros.

Financial documentation dated as of May 24, 2019 (in French only)

RATING AND COVERAGE

Valeo is rated “Investment Grade” by rating agencies Moody’s and Standard & Poor’s.

STANDARD & POOR’S

On January 13, 2020, Standard & Poor’s downgraded its long-term and short-term corporate credit ratings for Valeo to ” BBB-/A-3″ from “BBB/A-2”, outlook stable.

Bond Investors

DEBT MATURITY PROFILE

DETAIL OF SHORT-TERM FINANCING

BANK CREDIT LINES

COMMERCIAL PAPER

RATING AND COVERAGE

STANDARD & POOR’S

S&P press release January 13, 2020

Standard & Poor's website

MOODY’S

Moody's press release on March 22, 2019

Credit opinion on March 26, 2019

Moody's website

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