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Reckitt (RKTLN; A3 Pos, A-) FINAL

CONSUMER STAPLES

Final Terms:

    • €900m 5Y MS+80 (-30 from IPT) vs. FV +73, books >€2.7b
    • £300m 8.5Y UKT+100 (-20 from IPT) vs. FV+104 (or Z+120), books >€580m

**benchmark we are using is UKT 4.25% June 32s, swap spreads we see at -16 on that


  • NICs are +7bps and -4bps, books and final sizes on line seem to reflect that.
  • £IG with 2 deals both going through.
  • Cross-check on £Reckitt pricing is McDonald's - Reckitt priced +22bps north of it in €s while low-single digits given in sterling.



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