September 23, 2024 11:07 GMT
InterContinental (IHGLN; Baa2/BBB) Guidance
CONSUMER CYCLICALS
€750-800m 7Y Guidance +135a vs. FV +128 (7bp NIC)
- books>€3b are firm, -30 in from IPT
- Net supply here (net 2.4x to 2.6x) given 24s are only a €500m line
- CoC, 3m par call
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