Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Just to circle back it is worth noting bonds issued under the international arm are notched 1-notch higher at Moody's for;
"closer proximity of the debt instruments to Mondelez's international operating subsidiaries that generated approximately 72.7% of total sales as of the last twelve months ended June 2024, and a majority of the operating income by our estimates"
and the fact the debt has "downstream guarantee" for sales outside international but does NOT provide upstream guarantee to remaining debt. Moody's has pegged $6.2b/31% of total debt currently under the higher-rated international arm - the only way the notching would be removed is if it increases that proportion - $10Y issued last month was not under the international arm.
Note both are under the MDLZ ticker, the higher rated international arm will be suffixed with "Holdings Netherlands BV" - see below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.