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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
CONS
PRCD
HENKEL
Henkel US Finance LLC€1,000
2USOA
Sep 16, 2026
currency
EUR
size (m)
500.000
maturity
Sep 23, 2029
type
Fixed
tenor
3.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A2
s&p
-
fitch
-
re-open/tap
No
ipt
MS+70-75
ipt-pxd
-30.5
guidance
STL
spread
42
coupon
3.875%
spread set
-
price
99.88600
yield
3.916%
book size (m)
1,900
peak book (m)
1,900
x-covered
3.8
book attrition
0.00%
nic
-3
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,900
peak book (m)
1,900
x-covered
3.8
book attrition
0.00%
nic
-3
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
500.000
maturity
Sep 23, 2033
type
Fixed
tenor
7.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A2
s&p
-
fitch
-
re-open/tap
No
ipt
MS+110 area
ipt-pxd
-32
guidance
STL
spread
78
coupon
4.25%
spread set
-
price
99.76200
yield
4.29%
book size (m)
2,900
peak book (m)
2,900
x-covered
5.8
book attrition
0.00%
nic
-2
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,900
peak book (m)
2,900
x-covered
5.8
book attrition
0.00%
nic
-2
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 1900; Registration: Reg S Only; Comments: DBR 0 08/29 (@91.177 / 3.229%) +68.7bps | HR 108%. MWC: B+15. Tax Call: Yes. Clean-Up Call: 80%. LEI: 529900BAJAMQND12XH49; Book size: 2900; Registration: Reg S Only; Comments: DBR 2.6 08/33 (@95.14 / 3.401%) +88.9bps | HR 101%. MWC: B+15. Tax Call: Yes. Clean-Up Call: 80%. LEI: 529900BAJAMQND12XH49;
Guarantor(s)
Henkel AG & Co KGaA
Use of Proceeds
The net proceeds from the issuance of the Notes will be used for financing the business (including acquisitions) of the Henkel Group
Relative Value

3yr (Sep 2029) @ MS+70-75
Implied Spread for fresh 3yr @ MS+45
Priced at MS+42
NIC of -3


7yr (Sep 2033) @ MS+110a
Implied Spread for fresh 7yr @ MS+80
Priced at MS+78
NIC of -2


COMPS

Bond

Rating (M/S&P/F)

Issue Dt.

Tenor

Amt €

I-Spread

HENKEL 3.625% Apr-31

- / A / -

02-Apr-26

4.5

900mm

48

HENKEL 0.500% Nov-32

A2 / A / -

17-Nov-21

6.2

500mm

47

PG 0.350% May-30

Aa3 / AA- / -

05-Nov-21

3.6

500mm

13

PG 3.250% Aug-31

Aa3 / AA- / -

02-May-23

4.9

650mm

27

PG 2.900% Nov-33

Aa3 / AA- / -

03-Nov-25

7.1

500mm

46

UNANA 2.750% May-30

A1 / A+ / -

22-May-25

3.7

700mm

29

UNANA 3.250% Feb-32

A1 / A+ / -

15-Feb-24

5.4

700mm

41

UNANA 2.875% Oct-32

A1 / A+ / -

31-Oct-25

6.1

850mm

55

UNANA 3.375% May-35

A1 / A+ / -

22-May-25

8.7

800mm

66

RKTLN 3.625% Sep-28

A3 / A- / -

14-Sep-23

2

650mm

22

RKTLN 3.625% Jun-29

A3 / A- / -

20-Jun-24

2.8

900mm

33

RKTLN 3.500% May-31

A3 / - / -

28-May-26

4.7

650mm

58

RKTLN 3.500% Sep-34

- / A- / -

10-Sep-25

8

650mm

84

RKTLN 4.000% May-35

A3 / - / -

28-May-26

8.7

650mm

92

BASGR 1.500% Mar-31

A3 / A- / A

17-Mar-22

4.5

1000mm

34

BASGR 4.250%Mar-32

A3 / A- / A

08-Mar-23

5.5

500mm

52

BASGR 4.500% Mar-35

A3 / A- / A

08-Mar-23

8.5

500mm

84