February 19, 2025 13:38 GMT
CONSUMER STAPLES: Carlsberg; FINAL
CONSUMER STAPLES
Pricing in-line with expectations. The £ books are firm and has taken it quiet flat to MCD. We do see value in rolling into consumer-health co Haleon 38s (UKT+66).
Total €4.6b;
- €850m 2y FRN 3m+40
- -25 from IPT, books >€2.9b
- €1b 4.5y +70 vs. FV +67 (+3 NIC)
- -30, books >€4b
- €1b 7y +88 vs. FV+87 (+1 NIC)
- -32, books >€4.4b
- €1.15b 10y +108 vs. FV+110 (-2 through)
- -32, books >€4.9b
- £500m 14y UKT+78 vs. FV +82 (-4 through)
- -27, books >£3.1b
- UKT here is Jan-39s at 4.85%. 14y swap spreads are -60bps, FV over swap is +142
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