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Haleon (HLNLN; Baa1 Pos/BBB+) FINAL (split from GSK in '22)

CONSUMER STAPLES
  • €750m 4Y FINAL MS+70 vs. FV +72
    • books>€2.35b, -30 in from IPT, -2bps through (common theme this week with high-grade consumer)
  • £300m £9Y FINAL UKT+97 (eqv. 4.66% or MS+124) vs. FV MS+120 (eqv. 4.62% or UKT Bmrk +93)
    • books >£800m, -18 in from IPT, 4bp NIC
    • UKT spreads are over the 0.875% July 33s Gilt

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