May 22, 2024 11:28 GMT
Molson Coors (TAP; Baa2 Pos/BBB S) Guidance
CONSUMER STAPLES
€800m 8Y Guidance +105 (+/-2) vs. FV+90
- 30bps in from IPT, books>€2.4b are in-line metrics. No net supply here; €24s rolling off are equal size.
- Its giving a double digit NIC here, hard to get too excited about that though - as we mentioned on FV, brewer sector is tight and we could see wides tested again if Carlsberg (Baa1/BBB+) or Heineken (A3/BBB+) come to refi their upcoming maturities.
FV: https://marketnews.com/molson-coors-tap-baa2-pos-b...
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