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LVMH (MCFP; Aa3, AA-; S) FINAL

CONSUMER CYCLICALS

€850m Feb 6Y +45 vs. FV +42, 3bp NIC, books>€2.1b

€650m Oct 10Y +65 vs. FV +62, 3bp NIC, books >€1.3b

* Priced bottom range of WPR guidance, books weak on 10Y, secondary +1-2, UoP is left open but it had €2.45b roll-off this year with its last visit in September. Front maturity is April '25.

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€850m Feb 6Y +45 vs. FV +42, 3bp NIC, books>€2.1b

€650m Oct 10Y +65 vs. FV +62, 3bp NIC, books >€1.3b

* Priced bottom range of WPR guidance, books weak on 10Y, secondary +1-2, UoP is left open but it had €2.45b roll-off this year with its last visit in September. Front maturity is April '25.