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Heineken (HEIANA; A3, BBB+; S) {HEIA NA Equity} 1Q Results

CONSUMER STAPLES

Not much to see in Heineken results - organic beer volume growth of 2-10% for all regions, guidance unch.


We flagged when Asahi came to price its 2-part earlier this month that brewer space was spread tad wide between curves - we've seen Carlsberg & Asahi (the two BBB+ names) come in another ~10bps since - even Asahi 32s that priced with 2bp NIC has moved 10 in & now in-line with tad higher-rated Heineken curve.

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Not much to see in Heineken results - organic beer volume growth of 2-10% for all regions, guidance unch.


We flagged when Asahi came to price its 2-part earlier this month that brewer space was spread tad wide between curves - we've seen Carlsberg & Asahi (the two BBB+ names) come in another ~10bps since - even Asahi 32s that priced with 2bp NIC has moved 10 in & now in-line with tad higher-rated Heineken curve.

Keep reading...Show less