September 23, 2024 12:15 GMT
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
40 words