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)