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Pernod Ricard (RIFP; Baa1, BBB+, BBB+; S) IPT 6.5Y/10Y

CONSUMER CYCLICALS
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6.5Y FV +65 (IPT+100) & 10Y +86 (+120) - coming-in line

  • Guidance taking its time, secondary is +2-3 wider, milder than Danone's moves on Friday (which have reversed a tad today).
  • UoP is left broad & unlike Danone it didn't have significant maturities this year (single €650m line) - 2-part supply with size left open (could be up to €1b) - i.e. seems opportunistic & will leave sizeable gross supply addition for now.
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6.5Y FV +65 (IPT+100) & 10Y +86 (+120) - coming-in line

  • Guidance taking its time, secondary is +2-3 wider, milder than Danone's moves on Friday (which have reversed a tad today).
  • UoP is left broad & unlike Danone it didn't have significant maturities this year (single €650m line) - 2-part supply with size left open (could be up to €1b) - i.e. seems opportunistic & will leave sizeable gross supply addition for now.