Merck KGaA (MRKGR)

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C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	HLTH	PRCD	MRKGR	Merck KGaA	€1,500		2	EMEA	Jun 18, 2019

Tranche #1Merck KGaA

currency

EUR

size (m)

500.000

maturity

Jun 25, 2079

type

Fixed

tenor

60.000

call

registration

Reg S Only

benchmark

Swaps

ranking

moody's

Baa3

s&p

BBB+

fitch

size description

re-open/tap

ipt

2.50% a

ipt-pxd

guidance

2.00-2.125%

spread

194.8

coupon

1.625%

spread set

price

99.35500

yield

1.75%

book size (m)

3,800

peak book (m)

x-covered

7.6

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

3,800

peak book (m)

x-covered

7.6

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche #2Merck KGaA

currency

EUR

size (m)

1,000.000

maturity

Jun 25, 2079

type

Fixed

tenor

60.000

call

registration

Reg S Only

benchmark

Swaps

ranking

moody's

Baa3

s&p

BBB+

fitch

size description

re-open/tap

ipt

3.50% a

ipt-pxd

guidance

1.125-3.25%

spread

268.8

coupon

2.875%

spread set

price

100.00000

yield

2.875%

book size (m)

5,250

peak book (m)

x-covered

5.25

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

5,250

peak book (m)

x-covered

5.25

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche Comments

60 yr: Book size: 3800; Redemption: 2024-12-18; Registration: Reg S Only; Comments: EUR500m 60NC5.5 bmk hybrid. With NC10 for exp 1.5bn total. Baa3/BBB+/BBB(Scope).BAML(B&D)/BNPP/DB. IPTs 2.5% area, guide 2%/2.125%, launched 500m @1.75%, bk 3.8bn (peaked 5.3bn), Initial MS+194.8 / B+243.1 v DBR 1% 8/24 @108.85. Short first. Steps: 25bp 2029, 75bp 2049; 60 yr: Book size: 5250; Redemption: 2029-06-25; Registration: Reg S Only; Comments: EUR1bn 60NC10 bmk hybrid. With NC5.5 for exp 1.5bn total. Baa3/BBB+/BBB(Scope). BAML(B&D)/BNPP/DB. IPTs 3.5% area, guide 3.125%/3.25%, launched 1bn @2.875%. Bk 5.25bn (peaked 6bn), Initial MS+268.8 / B+320.2 v DBR 0.25% 2/29 @105.67. Steps: 25bp 2029, 75bp 2049;

Deal Comments

Hybrid Bond

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