May 16, 2024 07:59 GMT
Merck & Co: 4-Tranche EUR Deal
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Merck (MRK: A1pos/A+)
4-tranche deal.
- 8yr IPT MS+85/90; we see FV +57
- 13yr IPT MS+105/110; we see FV+75
- 20yr IPT MS+135a; we see FV+98
- 30yr IPT MS+175a; we see FV+135
The recently issued ROSW deals set a lower limit on MRK pricing.
UOP is partly to finance the Elanco Aqua business, but this is only $1.3bn. Otherwise, GCP and refinancing shorter debt. In USD, MRK is only +4 bps wide to LLY but the LLY deals in EUR are all very low cash price and Sep ’21 was the last time that they tested the market. ROSW is more current.
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