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Pernod Ricard SA
Pernod Ricard SA

Pernod Ricard SA (RIFP)

Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
CONS
PRCD
RIFP
Pernod Ricard SA€1,500
2EMEA
Oct 21, 2026
currency
EUR
size (m)
750.000
maturity
-
type
Fixed Rate Reset
tenor
Perp
call
5.25
registration
Reg S Only
benchmark
-
ranking
Jr. Subordinated
moody's
Baa3
s&p
BBB-
fitch
-
size description
-
re-open/tap
No
ipt
6.125% area
ipt-pxd
-37.5
guidance
STL
spread
-
coupon
5.625%
spread set
-
price
99.47600
yield
5.75%
book size (m)
1,550
peak book (m)
2,200
x-covered
2.07
book attrition
-29.55%
nic
-
billing & delivering
ING
active leads
BNP,BRC,CAG,CTI,...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
ING
book size (m)
1,550
peak book (m)
2,200
x-covered
2.07
book attrition
-29.55%
nic
-
billing & delivering
ING
active leads
BNP,BRC,CAG,CTI,...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
ING
currency
EUR
size (m)
750.000
maturity
-
type
Fixed Rate Reset
tenor
Perp
call
8.00
registration
Reg S Only
benchmark
-
ranking
Jr. Subordinated
moody's
Baa3
s&p
BBB-
fitch
-
size description
-
re-open/tap
No
ipt
6.675% area
ipt-pxd
-42.5
guidance
STL
spread
-
coupon
6.125%
spread set
-
price
99.23100
yield
6.25%
book size (m)
2,050
peak book (m)
2,400
x-covered
2.73
book attrition
-14.58%
nic
-
billing & delivering
ING
active leads
BNP,BRC,CAG,CTI,...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
ING
book size (m)
2,050
peak book (m)
2,400
x-covered
2.73
book attrition
-14.58%
nic
-
billing & delivering
ING
active leads
BNP,BRC,CAG,CTI,...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
ING
Tranche Comments
Book size: 1550; First Pay: 2027-01-28; Redemption: 2031-10-28; Registration: Reg S Only; Comments: DBR 0% 08/15/2031 @ 85.964 / 3.194% / B+255.6bps. MWC: B+40. CoC: 100%. Tax Call: Yes. Clean-Up Call: 75%. LEI: 52990097YFPX9J0H5D87; Book size: 2050; First Pay: 2027-10-28; Redemption: 2034-07-28; Registration: Reg S Only; Comments: DBR 2.6% 08/15/2034 @ 95.049 / 3.329% / B+292.1bps. MWC: B+45. CoC: 100%. Tax Call: Yes. Clean-Up Call: 75%. LEI: 52990097YFPX9J0H5D87;
Use of Proceeds
General corporate purposes, including the financing of the concomitant tender offer
Relative Value

COMPS

Bond

Rating (M/S&P/F)

Amt. Out

Issue Date

Maturity

Tenor

Yield

i-spd

 

RIFP 0.875 10/31

Baa1 / BBB+ / WD

500mm

Oct-19

Oct-31

5.0yr

4.01

ms+55

 

RIFP 3.250 3/32

Baa1 / BBB+ / -

800mm

Mar-25

Mar-32

5.4yr

4.28

ms+82

 

RIFP 3.250 2/33

Baa1 / BBB+ / -

500mm

Nov-22

Nov-32

6.0yr

4.27

ms+81

 

RIFP 3.750 11/32

Baa1 / BBB+ / WD

500mm

Nov-25

Feb-33

6.3yr

4.37

ms+91

 

RIFP 3.750 9/33

Baa1 / BBB+ / WD

750mm

Sep-23

Sep-33

6.9yr

4.44

ms+96

 

RIFP 3.625 5/34

Baa1 / BBB+ / WD

800mm

May-24

May-34

7.5yr

4.5

ms+102

 

RIFP 3.750 2/37

Baa1 / BBB+ / -

500mm

Nov-25

Feb-37

10.3yr

4.63

ms+110

 

IG Consumer Hybrids

Bond

Rating (M/S&P/F)

Amt. Out

Issue Date

Reset Date

Tenor

YTR

i-spd

Sub/Sen

CARLB 4.370 nc 8/31

Baa3/-/BBB-

1,000mm

May-26

Aug-31

4.8yr

4.96

ms+151

93

CARLB 4.875 nc 5/34

Baa3/-/BBB-

800mm

May-26

May-34

7.6yr

5.34

ms+186

109

BATSLN 4.200 nc 1/31

Baa3/BBB-/BBB

600mm

Oct-25

Jan-31

4.3yr

5.13

ms+168

92

BATSLN 4.750 nc 10/33

Baa3/BBB-/BBB

600mm

Oct-25

Oct-33

7.0yr

5.52

ms+205

106

French IG Hybrids

 

 

Issue Date

Reset Date

Tenor

YTR

i-spd

Sub/Sen

BNFP 3.950 nc 9/32

Baa3/BBB-/-

500mm

Sep-25

Sep-32

5.9yr

4.86

ms+139

75

ENGIFP 4.250 nc31

Baa3/BBB-/BBB

1,000mm

Apr-26

Jul-31

4.7yr

5.25

ms+179

115

ENGIFP 4.825 nc34

Baa3/BBB-/BBB

600mm

Apr-26

Apr-34

7.5yr

5.52

ms+203

110

ENGIFP 5.000 nc35

Baa3/BBB-/BBB

750mm

Oct-25

Jan-35

8.2yr

5.55

ms+205

105

ORAFP 3.875 nc32

Baa3/BBB-/BBB-

750mm

Jun-25

Jun-32

5.7yr

5.29

ms+183

104

ORAFP 4.250 nc32

Baa3/BBB-/BBB-

850mm

Jun-26

Jun-33

6.7yr

5.43

ms+195

107

Senior Consumer Data Points

Bond

Rating (M/S&P/F)

Amt. Out

Issue Date

Maturity

Tenor

Yield

i-spd

 

CARLB 3 8/29

Baa1/-/BBB+

1,000mm

Feb-25

Aug-29

2.9yr

3.83

ms+40

 

CARLB 3.250 2/32

Baa1/-/BBB+

1,000mm

Feb-25

Feb-32

5.4yr

4.1

ms+64

 

CARLB 3.500 2/35

Baa1/-/BBB+

1,150mm

Feb-25

Feb-35

8.4yr

4.33

ms+83

 

BATS 3.375 5/29

Baa1/BBB+/A-

500mm

May-26

May-29

2.6yr

3.98

ms+56

 

BATS 4.125 4/32

Baa1/BBB+/A-

900mm

Apr-24

Apr-32

5.5yr

4.35

ms+89

 


Hide Details

Commentary

All Commentary
CreditFlow: End of Day (Europe IG)Oct 21, 2026
1 to 1 of 1

Deal Flow

All Deal Flow
PRICED: Pernod Ricard €1.5bn 2-part Sub Fixed Rate Reset; 5.750% & 6.250%Oct 21, 2026
ALLOCATIONS OUT: Pernod Ricard €1.5bn PerpNC5.25 & PerpNC8 Sub; 5.750% & 6.250%Oct 21, 2026
LAUNCHED: Pernod Ricard €1.5bn PerpNC5.25 & PerpNC8 Sub Fixed Rate Reset; 5.750% & 6.250%Oct 21, 2026
NEW ISSUE: Pernod Ricard € bmk PerpNC5.25 & PerpNC8 Sub; 6.125%a & 6.675%aOct 21, 2026
MANDATE: Pernod Ricard Inv Calls 20-Oct; Reg S € bmk PerpNC5.25 & PerpNC8 Sub Offering May FollowOct 20, 2026
1 to 5 of 5
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Pricing
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+1 888 997 6610
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+44 80817 87364
support@creditflowresearch.com
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