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	€1,000		1	EMEA	Sep 2, 2020

Tranche #1Merck KGaA

currency

EUR

size (m)

1,000.000

maturity

Sep 9, 2080

type

Fixed

tenor

60.000

call

registration

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa3

s&p

BBB+

fitch

BBB

size description

re-open/tap

ipt

2.125% a

ipt-pxd

guidance

1.625-1.75%

spread

199.8

coupon

1.625%

spread set

price

100.00000

yield

1.625%

book size (m)

3,100

peak book (m)

x-covered

3.1

book attrition

nic

-2.5

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

3,100

peak book (m)

x-covered

3.1

book attrition

nic

-2.5

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche Comments

60 yr: Book size: 3100; Redemption: 2026-06-09; Comments: EUR 1bn 60NC6yr hybrid. Baa3/BBB+/BBB. Barc/BNPP/SG(B&D). IPTs 2.125% area yld., guidance 1.625%/1.75% for 750m-1bn, launch 1bn at 1.625%, bks >3.1bn pre rec @guidance, peak >3.8bn, 3mPC, steps 25bp 9/31, 75bp 9/46. MS+199.8 / B+231.3 vs 0% 8/26 @ 104.188. FTT 7.30m Thurs. LEI: 529900OAREIS0MOPTW25;

Use of Proceeds

Refinancing of the existing Subordinated Resettable Fixed Rate Notes and for general corporate purposes

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