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Asset Backed Securities
Health Care
Pharmaceuticals
Parent Companies
Merck KGaA
Merck Financial Services GmbH
Merck Financial Services GmbH (MRCG)
Deal Details
C/P
Industry
Status
Ticker(s)
Issuer(s)
Size(m)
Tranches
Region
Date
IGC
HLTH
PRCD
MRCG
Merck Financial Services GmbH
€1,500
2
EMEA
Jan 9, 2020
Tranche #1
Merck Financial Services GmbH
currency
EUR
size (m)
750.000
maturity
Jul 16, 2025
type
Fixed
tenor
5.500
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa1
s&p
A
fitch
A-
size description
-
re-open/tap
No
ipt
MS+60-65
ipt-pxd
-
guidance
MS+40 a
spread
35
coupon
0.125%
spread set
-
price
99.39400
yield
0.236%
book size (m)
2,750
peak book (m)
-
x-covered
3.67
book attrition
-
nic
-
billing & delivering
BBV
active leads
-
joint leads
DZB
,
LBW
,
MIZ
,
SEB
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,750
peak book (m)
-
x-covered
3.67
book attrition
-
nic
-
billing & delivering
BBV
active leads
-
joint leads
DZB
,
LBW
,
MIZ
,
SEB
passive leads
-
co-managers
-
coordinating managers
-
Tranche #2
Merck Financial Services GmbH
currency
EUR
size (m)
750.000
maturity
Jul 16, 2028
type
Fixed
tenor
8.500
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa1
s&p
A
fitch
A-
size description
-
re-open/tap
No
ipt
MS+70-75
ipt-pxd
-
guidance
MS+50 a
spread
43
coupon
0.5%
spread set
-
price
99.63600
yield
0.544%
book size (m)
2,750
peak book (m)
-
x-covered
3.67
book attrition
-
nic
-
billing & delivering
BBV
active leads
-
joint leads
DZB
,
LBW
,
MIZ
,
SEB
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,750
peak book (m)
-
x-covered
3.67
book attrition
-
nic
-
billing & delivering
BBV
active leads
-
joint leads
DZB
,
LBW
,
MIZ
,
SEB
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
5.5 yr: Book size: 2750; Registration: Reg S Only; Comments: EUR750m bmk 5.5yr snr unsec RegS. With 8.5yr, total 1.5bn. Baa1/A/A-. BBVA(B&D)/DZ/LBBW/Miz/SEB. MS+60/65, guidance MS+40 (+/-3), launch 750m @+35. Combined bks >5.5bn (skew to 5.5yr) pre rec ex-JLM (peaked >5.75bn). DBR 0.50 02/25 @ 105.08 +71.9. HR 102%. MWC B+10. FTT 8am Fri; 8.5 yr: Book size: 2750; Registration: Reg S Only; Comments: EUR750m bmk 8.5yr snr unsec RegS. With 5.5yr, total 1.5bn. Baa1/A/A-. BBVA(B&D)/DZ/LBBW/Miz/SEB. IPTs MS+70/75, , guidance MS+50 (+/-3), launch 750m@+47. Combined bks >5.5bn (skew to 5.5yr) pre rec ex-JLM, peaked >5.75bn.DBR 4.75 07/28 B+83.7 @ 143.33 / HR 97%. MWC B+10.;
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