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InterContinental (IHGLN; Baa2/BBB) FINAL

CONSUMER CYCLICALS

€750m 7Y FINAL +130 vs. FV +128 (2bp NIC)

  • books>€3.1b, -35 in from IPT are firm metrics. 29s +4 in secondary, Accor seniors unch.
  • Net supply here (net leverage 2.4x to 2.6x) given 24s were a €500m line.
  • CoC, 3m par call

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€750m 7Y FINAL +130 vs. FV +128 (2bp NIC)

  • books>€3.1b, -35 in from IPT are firm metrics. 29s +4 in secondary, Accor seniors unch.
  • Net supply here (net leverage 2.4x to 2.6x) given 24s were a €500m line.
  • CoC, 3m par call