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Bunzl (BNZLLN; NR/BBB+ Stable) 7.5Y FINAL

CONSUMER STAPLES
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WNG €500m 7.5Y FINAL +115 vs. FV +100 (15bp NIC)

  • -30 in from IPT, books>€1.9b are in-line metrics.
  • The NIC above will be driven by it not getting the sterling treatment on its first issuance here.
  • No firm view from us but one we will be watching through earnings (24th of Oct).
  • First time in euros; £30s/6Y trades tight at T+96 (-10 through Tesco, both on low cash px) and swaps back to Z+94.
  • FV is based on secondary - given Bunzl Sterling does trade tighter on the higher rating (& margins) vs. Tesco we spread it 10bps inside here as well.

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WNG €500m 7.5Y FINAL +115 vs. FV +100 (15bp NIC)

  • -30 in from IPT, books>€1.9b are in-line metrics.
  • The NIC above will be driven by it not getting the sterling treatment on its first issuance here.
  • No firm view from us but one we will be watching through earnings (24th of Oct).
  • First time in euros; £30s/6Y trades tight at T+96 (-10 through Tesco, both on low cash px) and swaps back to Z+94.
  • FV is based on secondary - given Bunzl Sterling does trade tighter on the higher rating (& margins) vs. Tesco we spread it 10bps inside here as well.