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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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€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