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Pepsi (PEP; A1/A) $ Issuance

CONSUMER STAPLES

It's issuing a 5,10 and 30Y in $ this morning, UoP is left broad but will likely include refi.

  • As we mentioned it looks cheap for it to come to € or £ markets to refi some of the $5b due there over next 2 years. 2Q Results were not great with US sales volumes declining; it refused to tie food falls with the rise of appetite suppressor weight loss drugs.
  • Numbers from last week here.

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