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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
CONS
PRCD
HEIANA
Heineken NV€1,100
2EMEA
Feb 16, 2026
currency
EUR
size (m)
550.000
maturity
Feb 26, 2034
type
Fixed
tenor
8.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A3
s&p
-
fitch
-
size description
-
re-open/tap
No
ipt
MS+115 area
ipt-pxd
-35
guidance
MS+85 area
spread
80
coupon
3.375%
spread set
-
price
99.58000
yield
3.436%
book size (m)
1,150
peak book (m)
2,700
x-covered
2.09
book attrition
-57.41%
nic
-
billing & delivering
active leads
BBV, BNP, DEU, JPM, ...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,150
peak book (m)
2,700
x-covered
2.09
book attrition
-57.41%
nic
-
billing & delivering
active leads
BBV, BNP, DEU, JPM, ...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
550.000
maturity
Feb 26, 2038
type
Fixed
tenor
12.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A3
s&p
-
fitch
-
size description
-
re-open/tap
No
ipt
MS+135 area
ipt-pxd
-32
guidance
MS+105 area
spread
103
coupon
3.875%
spread set
-
price
99.84900
yield
3.891%
book size (m)
1,100
peak book (m)
2,000
x-covered
2
book attrition
-45.00%
nic
-
billing & delivering
active leads
BBV, BNP, DEU, JPM, ...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,100
peak book (m)
2,000
x-covered
2
book attrition
-45.00%
nic
-
billing & delivering
active leads
BBV, BNP, DEU, JPM, ...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 1150; Registration: Reg S Only; Comments: EUR550m 8yr, cpn 3.375% at 99.580, yld 3.436%. Spread: MS+80. DBR 2.200% Feb '34s + 83.3 bps / Px 97.125 / HR 98%. Tax Call: Yes. Clean-Up Call: 75%. Par Call: 3m. CoC: 100%. MWC: B+15. LEI: 724500K5PTPSST86UQ23; Book size: 1100; Registration: Reg S Only; Comments: EUR550m 12yr, cpn 3.875% at 99.849, yld 3.891%. Spread: MS+103. DBR 4.000% Jan '37s + 105.9 bps / Px 110.80 / HR 96%. Tax Call: Yes. Clean-Up Call: 75%. Par Call: 3m. CoC: 100%. MWC: B+20. LEI: 724500K5PTPSST86UQ23;
Deal Comments
Reoffer: MS+80bp / 99.580 / 3.436% (8yr) | MS+103bp / 99.849 / 3.891% (12yr) Benchmark: DBR 2.200% Feb '34s + 83.3bps / Px 97.125 / HR 98% (8yr) | DBR 4.000% Jan '37s + 105.9bps / Px 110.80 / HR 96% (12yr) TOE: 15:19 UKT (8yr) | 15:18 UKT (12yr) Final Terms: 8yr €550mm @ MS+80, Final Book at 1.15bn; 12yr €550mm @ MS+103, Final Book at 1.1bn Hedge Deadlines: 15.05 UKT / 16.05 CET LAUNCHED: 8yr: €550m @ MS+80 (Books €1.8bn pre-reconciliation); 12yr: €550m @ MS+103 (Books €1.6bn pre-reconciliation) SPREAD SET: 8yr: MS+80; 12yr: MS+103 GUIDANCE: 8yr (exp. €500m) MS+85a +/- 5 WPIR; 12yr (exp. €500m) MS+105a (+/-2 WPIR) Exp Total €1.0bn-1.1bn max Books €4.7bn (split €2.7bn & €2.0bn) Books subject: 12.25 UKT/13.25 CET IPTs: 8yr: MS+115bps area; 12yr: MS+135bps area Issuer: Heineken N.V. (HEIANA) Issuer LEI: 724500K5PTPSST86UQ23 Issuer Credit Rating: A3 (Stable) by Moody's / BBB+ (Positive) by S&P Exp. Issue Rating: A3 (Moody's) Format: Senior, Unsecured, Reg S, Bearer, NGN Deal Size: €1.1bn Ranking: Senior Unsecured Coupon: Fixed, Annual, ACT/ACT (ICMA) Par Call: 3-months MWC: 8yr: B+15; 12yr: B+20 Issuer Calls: MWC, Clean-Up Call (75%), Tax Call (at Par), CoC (at Par) UoP: General Corporate Purposes Docs: Issuer's €20,000,000,000 Euro Medium Term Note Programme dated 4th April 2025 Listing: Luxembourg Stock Exchange (regulated market) Denoms: €100,000 + €1,000 Law: Dutch Law Active Bookrunners: BBVA, BNP Paribas, Deutsche Bank, J.P. Morgan, UBS Clearing System: Euroclear / Clearstream Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPS key information document (KID) has been prepared as not available to retail in EEA or UK Selling Restrictions: As per the Base Prospectus dated 4th April 2025 Advertisement: The Base Prospectus is available at https://www.luxse.com/programme/Programme-Heineken/13543 and the Final Terms, when published, will be available on the website of the Luxembourg Stock Exchange: https://www.luxse.com/ ISIN: 8yr: XS3302904555 12yr: XS3302912061 Timing: Priced 2/16. FTT 15:45 UKT. Settle 26/02 (T+8)
Use of Proceeds
General Corporate Purposes

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