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Kesko (KESBV; unrated) Final asides (x2)

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€300m Green 5.3Y FINAL MS+135 vs. FV +122 (13bp NIC)

  • Books> €510m are VERY weak, pricing is weak as well (-20 in from IPT, no move from Guidance)
  • We didn't have a firm view but were skewed to see value if asked.
  • It will come in high among peers on margins (it's adj. 10% on EBITDA) but likely had to compensate for 1) first time issuer/lack of awareness 2) unrated 3) single-country exposure to Finland.
  • Given above pricing is arguably impressive given where rated Woolworths and REWE trade.

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€300m Green 5.3Y FINAL MS+135 vs. FV +122 (13bp NIC)

  • Books> €510m are VERY weak, pricing is weak as well (-20 in from IPT, no move from Guidance)
  • We didn't have a firm view but were skewed to see value if asked.
  • It will come in high among peers on margins (it's adj. 10% on EBITDA) but likely had to compensate for 1) first time issuer/lack of awareness 2) unrated 3) single-country exposure to Finland.
  • Given above pricing is arguably impressive given where rated Woolworths and REWE trade.