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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
CONS
PRCD
ARLA
Arla Foods Amba€1,000
2EMEA
May 13, 2026
currency
EUR
size (m)
500.000
maturity
May 22, 2029
type
Fixed
tenor
3.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
-
s&p
BBB
fitch
-
size description
Will Not Grow
re-open/tap
No
ipt
MS+90 area
ipt-pxd
-32
guidance
MS+60 area
spread
58
coupon
3.375%
spread set
-
price
99.70000
yield
3.482%
book size (m)
2,900
peak book (m)
2,900
x-covered
5.8
book attrition
0.00%
nic
-
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
book size (m)
2,900
peak book (m)
2,900
x-covered
5.8
book attrition
0.00%
nic
-
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
currency
EUR
size (m)
500.000
maturity
May 22, 2033
type
Fixed
tenor
7.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
-
s&p
BBB
fitch
-
size description
Will Not Grow
re-open/tap
No
ipt
MS+135 area
ipt-pxd
-37
guidance
MS+100 area
spread
98
coupon
3.875%
spread set
-
price
99.33900
yield
3.985%
book size (m)
3,700
peak book (m)
4,000
x-covered
7.4
book attrition
-7.50%
nic
-
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
book size (m)
3,700
peak book (m)
4,000
x-covered
7.4
book attrition
-7.50%
nic
-
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
Tranche Comments
Book size: 2900; Registration: Reg S Only; Comments: OBL 2.1 04/12/29 (px 98.300) +76.7bps (HR 102%). Tax Call: Yes. Par Call: 1m. MWC: B+15. CoC: 100%. Clean-Up Call: 80%. LEI: 529900IJ6T4P1O10R377; Book size: 3700; Registration: Reg S Only; Comments: DBDBR 2.3 02/15/33 TWIN (px 96.230) +106.3bps (HR 101%). Tax Call: Yes. Par Call: 3m. MWC: B+20. CoC: 100%. Clean-Up Call: 80%. LEI: 529900IJ6T4P1O10R377;
Use of Proceeds
The net proceeds of the issue of Notes will be used to refinance existing debt, granted by the Joint Bookrunners, and general corporate purposes
Relative Value

3Y Consumer / Ingredients Comparables *

Issuer

Rating

Coupon

Maturity

Tenor

Size

I-sprd

BNFP

Baa1/BBB+/-

0.395

Jun-29

3.1y

800m

30

BNFP

Baa1/BBB+/-

3.379

Apr-30

3.9y

700m

51

CARLB

Baa1/-/BBB+

0.875

Jul-29

3.1y

400m

44

GIVNVX

Baa1/A-/-

2.875

Sep-29

3.3y

500m

45

MDLZ

A3/BBB/-

0.25

Sep-29

3.3y

650m

45

KYGID

Baa1/BBB+/-

0.625

Sep-29

3.4y

750m

49

GIS

Baa2/BBB/-

3.907

Apr-29

2.9y

750m

50

MICCNL

Baa2/BBB/-

2.75

Feb-29

2.8y

750m

54

NSISB

-/A-/-

3.25

Mar-30

3.9y

500m

56

KHC

Baa2 *-/BBB/BBB

3.5

Mar-29

2.9y

550m

58

7Y Consumer / Ingredients Comparables *

Issuer

Rating

Coupon

Maturity

Tenor

Size

I-sprd

NSISB

-/A-/-

3.625

Mar-33

6.9y

600m

70

BNFP

Baa1/BBB+/-

3.785

Apr-34

7.9y

500m

75

GIVNVX

Baa1/A-/-

4.125

Nov-33

7.6y

500m

75

CARLB

Baa1/-/BBB+

4.25

Oct-33

7.4y

600m

78

KYGID

Baa1/BBB+/-

3.375

Mar-33

6.8y

500m

82

MDLZ

Baa1/BBB/WD

0.75

Mar-33

6.9y

600m

83

MICCNL

Baa2/BBB/-

3.25

Nov-31

5.6y

750m

85

MICCNL

Baa2/BBB/-

3.75

Nov-34

8.6y

750m

107

GIS

Baa2/BBB/-

3.6

Apr-32

5.9y

750m

96

GIS

Baa2/BBB/-

3.85

Apr-34

8.0y

500m

105

KHC

Baa2 *-/BBB/BBB

3.25

Mar-33

6.9y

600m

101