EU CONSUMER STAPLES: Japan Tobacco: € 10.2y mandate (x2)
(JAPTOB; A2 Stable/A+ Neg) (1/3 gov. owned, no uplift)
Looks like JAPTOB will stand down as well - there is some focus on the Yen (as a haven) ahead of tariffs. Relative attractiveness of Euro credit looks little changed for Japanese investors here; YTD JGBs have only caught up 7bps vs. 10yr bunds vs. 80bps against 10yr USTs - latter may weigh on $ demand. Positively, FX hedging costs are down against both (3m & 1yr forwards).
- €Bmrk 10.2y
Alongside; - $Bmrk 3.1y
- $Bmrk 5.2y
- $Bmrk 10.2y
- UoP includes funding for acquisition of (for $3.4b/+0.5x).
- https://dealroadshow.com/e/VIC2025
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
MNI: EUROZONE FINAL FEB MANUF PMI 47.6 (FLASH: 47.3); JAN 46.6
- MNI: EUROZONE FINAL FEB MANUF PMI 47.6 (FLASH: 47.3); JAN 46.6
MNI: GERMANY FINAL FEB MANUF PMI 46.5 (FLASH: 46.1); JAN 45.0
- MNI: GERMANY FINAL FEB MANUF PMI 46.5 (FLASH: 46.1); JAN 45.0
ITALY DATA: Feb Manuf PMI Better Than Expected, But Details Still Weak
The Italian manufacturing PMI registered a third consecutive increase from November’s low of 44.5, exceeding consensus expectations at 47.4 (vs 46.7 cons, 46.3 prior). The index has nonetheless been contractionary since March 2024, and does not suggest weak industrial production momentum is set to reverse in the near future.
Key notes from the release:
- “The contraction in order book volumes was sharp, but broadly in line with the average seen over the past 12 months. Panellists mentioned weak market conditions both at home and abroad”.
- “February marked the eleventh decrease in output in consecutive months, with production reportedly limited by subdued demand conditions and input shortages”.
- “Italian manufacturers reported further cuts to employment numbers in February. The rate of job shedding picked up to its strongest for three months, as panellists reportedly opted against replacing leavers and reduced temporary staff”.
- “Operating costs increased for the third month in a row in February”…“ Higher raw material and energy prices caused upward pressure on costs, panellists reported”.
- “Meanwhile, factory gate charges were reduced for a sixth month in succession, as firms attempted to drum up sales”
