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Orange Hybrid Final Terms

CREDIT SUPPLY


{R1}{FR}{7H} FINAL TERMS: Orange EUR 700mn PerpNC6.9 Hybrid to Yield 4.625% vs. IPT 5%-5.125% (Books above EUR 2.1bn)


-Pricing at lower end of the guidance range and ~10bps through where we had FV. Book shrank from EUR 2.8bn at guidance.

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