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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
COND
PRCD
IHGLN
IHG Finance LLC€850
2USOA
Sep 21, 2026
currency
EUR
size (m)
350.000
maturity
Sep 28, 2029
type
Fixed
tenor
3.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa2
s&p
BBB
fitch
-
re-open/tap
No
ipt
MS+105 area
ipt-pxd
-40
guidance
MS+70 area
spread
65
coupon
4.00%
spread set
-
price
99.67300
yield
4.118%
book size (m)
2,200
peak book (m)
2,450
x-covered
6.29
book attrition
-10.20%
nic
0
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,200
peak book (m)
2,450
x-covered
6.29
book attrition
-10.20%
nic
0
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
500.000
maturity
Sep 28, 2033
type
Fixed
tenor
7.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa2
s&p
BBB
fitch
-
re-open/tap
No
ipt
MS+145-150 area
ipt-pxd
-29.5
guidance
MS+120 area
spread
118
coupon
4.625%
spread set
-
price
99.98200
yield
4.628%
book size (m)
1,200
peak book (m)
1,600
x-covered
2.4
book attrition
-25.00%
nic
-2
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,200
peak book (m)
1,600
x-covered
2.4
book attrition
-25.00%
nic
-2
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 2200; Registration: Reg S Only; Comments: +91.8bps vs DBR 0.000% due 15 August 2029 (DE0001102473 @ 91.29% / 3.20%). HR - 108%. Tax Call: Yes. MWC: B+15. CoC: Yes. LEI: 213800DXTXQ1YC8UP313; Book size: 1200; Registration: Reg S Only; Comments: +128.4bps DBR 2.600% due 15 August 2033 (DE000BU2Z015 @ 95.48% / 3.344%). HR - 99%. Tax Call: Yes. MWC: B+20. CoC: Yes. LEI: 213800DXTXQ1YC8UP313;
Deal Comments
3y: This deal was upsized from EUR300m to EUR350m
Guarantor(s)
InterContinental Hotels Group PLC, Six Continents Ltd, InterContinental Hotels Ltd
Use of Proceeds
General corporate purposes of the Issuer’s business
Relative Value

3yr (Mar 2029) @ MS+105a
Implied Spread for fresh 3yr @ MS+65
Priced at MS+65
NIC of 0

7yr (Mar 2033) @ MS+145-150
Implied Spread for fresh 7yr @ MS+120
Priced at MS+118
NIC of -2


COMPS

Ticker

Issuer

Rating (M/S/F)

Coupon (%)

Maturity

Tenor (Yrs)

Size (€)

I-Spread (bps)

IHGLN

InterContinental Hotels

Baa2/BBB/-

4.38%

Nov-29

3.2y

600m

59

IHGLN

InterContinental Hotels

Baa2/BBB/-

3.38%

Sep-30

4.0y

850m

78

IHGLN

InterContinental Hotels

Baa2/BBB/-

3.63%

Sep-31

5.0y

750m

92

BKNG

Booking Holdings

A3/A-/-

3.50%

May-30

3.6y

600m

52

BKNG

Booking Holdings

A3/A-/-

4.00%

May-34

7.6y

700m

96

ACFP

Accor

-/BBB-/BBB

3.50%

Mar-33

6.5y

600m

117

INFLN

Informa PLC

Baa2/BBB/BBB

3.25%

Oct-30

4.1y

650m

70

INFLN

Informa PLC

Baa2/BBB/BBB

3.63%

Oct-34

8.1y

500m

103

TSCOLN

Tesco PLC

Baa2/BBB/BBB

4.25%

Feb-31

4.4y

500m

48

TSCOLN

Tesco PLC

Baa2/BBB/BBB

3.50%

Oct-33

7.1y

500m

87

WPPLN

WPP PLC

Baa3/BBB/BBB

3.63%

Sep-29

3.0y

600m

51

WPPLN

WPP PLC

Baa3/BBB/BBB

4.00%

Sep-33

7.0y

650m

116

LHAGR

Deutsche Lufthansa

Baa3/BBB-/BBB-

3.50%

Jul-29

2.8y

500m

61

LHAGR

Deutsche Lufthansa

Baa3/BBB-/BBB-

4.13%

Jan-32

5.3y

750m

100

KSPID

Recent New Issue

-/BBB/BBB

3.88%

Sep-30

4.0y

350m

60

KSPID

Recent New Issue

-/BBB/BBB

4.25%

Sep-33

7.0y

500m

92