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

CONSUMER STAPLES

WNG €500m 7.5Y Guidance MS+120a vs. FV +100 (20bp NIC)

  • -25 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 - if it was giving similar NIC on 5Y we would.

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WNG €500m 7.5Y Guidance MS+120a vs. FV +100 (20bp NIC)

  • -25 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 - if it was giving similar NIC on 5Y we would.

Keep reading...Show less