EU CONSUMER STAPLES: Heineken: Guidance
Sep-25 11:17
(HEIANA; A3/BBB+/NR)
Total deal size max. €2b (i.e. max €1.5b across 9/12y)
- 3y: +35a vs. FV +32 (3bp NIC)
- WNG €500m, books > €2.9b
- 8.6y: +90a vs. FV +84 (6bp NIC)
- €Bmrk, books > €2.3b
- 12y +110a vs. FV 105 (5bp NIC)
- €Bmrk, books > €2.2b
- €Bmrk, books > €2.2b
- MwC, Clean-up (75%), optional call if Central America acquisition does not close by Sept 2026
- It spent €2.7b on the acquisition
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ESM ISSUANCE: USD2bln WNG New 5-Year: Mandate
Aug-26 11:14
- USD2bln WNG of the new 5-year Sep-30 ESM-Bond
- IPT: MS + 42 bps area (equiv. to CT5 + ~7.3bp)
- Issuer: European Stability Mechanism (TICKER: ESM)
- Issuer Ratings: Aaa (stable) (Moody's) / AAA (stable) (S&P) / AAA (stable) (Fitch)/ AAA (stable) (Scope)
- Format: Registered Notes, Reg S (NSS) / 144A
- Ranking: Senior, Unsecured, Unsubordinated
- Settlement: 4 September 2025 (T+6 (TARGET) / T+5 (NY))
- Maturity Date: 4 September 2030 (5Y)
- Coupon: Fixed, Semi-annual, 30/360, Following, Unadjusted
- Bookrunners: CACIB(DM/B&D) / DB / JPM
- Timing: Taking IOIs today, expect to price tomorrow
From market source.
USD3bln of an ESM USD Bond will mature on September 10. That line was a 5-year issue also initially.
OUTLOOK: Price Signal Summary - GBPUSD Signals Remain Bullish
Aug-26 11:09
- In FX, despite Monday's move down, the trend set-up in EURUSD remains bullish and short-term weakness is for now considered corrective. Support at the 50-day EMA remains intact, at 1.1597. A clear break of it would signal scope for a deeper retracement and potentially expose key support at 1.1392, the Aug 1 low. For bulls, a stronger resumption of gains would open key resistance and the bull trigger at 1.1829, the Jul 1 high.
- A rally last Friday in GBPUSD signals the end of the recent corrective phase - Friday’s reversal pattern is a bullish engulfing candle. An extension higher would refocus attention on the short-term bull trigger at 1.3595, the Aug 14 high. Clearance of this level would signal scope for a climb towards 1.3636, the 76.4% retracement of the bear leg between Jul 1 and Aug 1. Key short-term support has been defined at 1.3391, the Aug 22 low.
- USDJPY traded sharply lower last Friday highlighting a potential bearish threat. The bear trigger has been defined at 146.21, the Aug 14 low. Clearance of this level would reinstate a downtrend and pave the way for an extension towards 145.40, the 50% retracement of the Apr - Aug upleg. For bulls, a resumption of gains would instead open 149.12, 61.8% of the Aug 1 - 14 bear leg. Key resistance is far off at 150.92, the Aug 1 high.
PIPELINE: Corporate Bond Roundup: $500M Mitsui & Co 5Y Launched
Aug-26 11:01
- Date $MM Issuer (Priced *, Launch #)
- 08/26 $500M #Mitsui & Co 5Y +63
- 08/26 $500M JERA Co 5Y +115a
- 08/26 $Benchmark OCBC 10NC5 +115a
- 08/26 $Benchmark BOC Aviation 5.5Y +90a
- 08/26 $Benchmark Bank Saudi Fransi 10NC5 +235a
- Expected Wednesday:
- 08/27 $2B ESM 2030 WNG +42a
- $1.5B Priced Monday
- 08/25 $1.05B *Skandinaviska Enskilda Banken AB (SEB) $750M 5Y +73, $300M 5Y SOFR+106
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