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Asahi (ASABRE; Baa1 S, NR) {2502 JT Equity};

CONSUMER CYCLICALS

FV on €Benchmark Mandate: 5y +65, 8Y +80. See FV ~10bps wide of Carlsberg (Baa1, BBB+; S). For the 8Y we ignore Heineken 32's (illiquid).

  • Its flagged issuance is for GCP but we'd note it does have upcoming maturates rolling off including a €800m Euro line later this month, a €120 Yen line due June & another €800m local line due late Oct. It does have heavy '25 maturities (~€2.4b) most of it in ¥300b (~€1.8b) of Yen Sub debt alongside a single €600m Sept '25 line - latter may see it return next year.

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