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Mondelez (MDLZ; Baa1/ BBB) Priced in $s

CONSUMER STAPLES

$500m 10y Priced at +92, -3 NIC, -28 from IPT

  • Books still a firm 4.6x covered
  • Priced through General Mills & Heinz (at Baa2) and flat to Mars (A1/A+) whose curve is bracing for supply on $35.9b acquisition of Kellanova and potential 1-notch downgrades. We are waiting to see if Mars will come to €s for the first time to fund part of that. K has €1.2b in €s and they do trade inside $ on XCCY.

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