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CREDIT SUPPLY: Merck Hybrids

CREDIT SUPPLY
  • No Bloomberg headline on this but according to the S&P report Merck will issue 800m - so a 200m reduction in their Hybrid stack post the redemption of the two Call24 notes.
  • The company already redeemed 300m in November and will be expected to maintain the new amount of Hybrids as they are limited to redeem 25% in a 10 year period. 
  • We also hear that the notes have an innovative structure which allows for a Moody's 1-notch uplift once the other notes mature. I would imagine that this is similar to Centrica - but Centrica did not need to worry about existing bonds. 
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