May 29, 2024 13:03 GMT
Medtronic (MDT: A3 /A): Final Terms
CREDIT SUPPLY
850m IPT: 5.5yr MS+95a. Final MS+65; FV +64
850m IPT: 12.5yr MS+125a. Final MS+95; FV +96
600m IPT: 19.5yr MS+155a. Final MS+130; FV +118
700m IPT: 29.5yr MS+185a. Final MS+155; FV +145
Curves: 5-12 4.2bps/y; 12-19 5bps/y; 19-29 2.5bps/y
The 19.5yr is cheapest to where we saw FV but given the small size of that deal it would appear that there just wasn't much demand.
Books
5.5yr €2.6b = 3.1x
12.5yr €2.7b = 3.2x
19.5yr €2.2b = 3.7x
29.5y €3.2b = 4.6x
The yield on the two long bonds is roughly equivalent. 4.11% vs 4.13% approximately
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