EU HEALTHCARE: Galderma (GALDSW: BBB Fitch): New 5YR FV
Mar-13 09:15
IPT: €BMK 5yr ms+135a
- FV: ms+95 to put it just outside Sandoz curve as it is a new name. Could trade inside over time.
- Inaugural deal in EUR for Cetaphil and Botox maker. A spin-off from L'Oreal and Nestle with a 40yr track record.
- Very highly rated in Equity market. Spans Consumer and Pharma sectors with both B2B and B2C elements.
- EBITDA margin 21% growing to 23% by 2028. Sales $4.4bn annually with low teens growth. Sandoz is larger $10.4bn but mid single-digits growth.
- Within BBB healthcare space there are no direct comps but I will take Philips, Sandoz and Molnlycke
- Reported net leverage is 2.3x guiding to <2.0x in Medium term (Fitch has 2.9x Gross falling to 2.4x by 2026)
UOP: includes debt repayment. Has been repaying debt since the IPO last year.
Source: MNI/Bloomberg
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DUTCH AUCTION RESULTS: 2.75% Jan-47 DSL
Feb-11 09:09
| 2.75% Jan-47 DSL* | Previous | |
| ISIN | NL0010721999 | NL0015614579 |
| Amount | E1.995bln | E1.96bln |
| Avg yield | 2.773% | 2.581% |
| Avg Price | 99.62 | 49.82 |
| Pre-auction mid | 99.521 | 49.732 |
| Previous date | 10-Sep-24 |
EGB SYNDICATION: Italy 15-year BTP: Spread set
Feb-11 09:08
- Spread set: 4.15% Oct-39 BTP +7bps (guidance was +9bps area)
- Size: EUR benchmark (MNI expects E8-10bln)
- Books in excess of E83bln (inc JLM interest)
- Maturity: 1 October 2040
- ISIN: TBC
- Settlement: 18 February, 2025 (T+5)
- Bookrunners: Barclays, Deutsche Bank, Intesa Sanpaolo, Morgan Stanley and Nomura
- Timing: Books open, pricing later today
From market source / Bloomberg
STIR: Modest Hawkish Reaction To Mann, 62bp Of BoE Cuts Priced Through Year-End
Feb-11 09:03
Modest hawkish reaction to comments from BoE hawk-turned-dove Mann, as she refers to the Bank’s MaPS survey when it comes to neutral rates (3.00-3.50% currently estimated), as opposed to the BOE's updated model-based estimates for equilibrium (2.25-3.75% estimate).
- Mann’s activist approach is underscored here, as she notes that she expects “Bank Rate will average well above the nominal equilibrium.”
- She also reaffirms the need for continued restrictiveness despite her preference for a 50bp cut last week.
- ~62bp of cuts now priced through year-end vs. 64bp earlier today.
- SONIA futures flat to -3.0, a little below pre-gilt open levels.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference vs. Cut-Adjusted SONIA Rate (bp) |
Mar-25 | 4.400 | -5.4 |
May-25 | 4.199 | -25.5 |
Jun-25 | 4.120 | -33.4 |
Aug-25 | 3.972 | -48.3 |
Sep-25 | 3.930 | -52.4 |
Nov-25 | 3.856 | -59.9 |
Dec-25 | 3.834 | -62.0 |
