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Commentary & Deal Flow

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Mondelez International Inc

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Mondelez International Inc

by Jp Albin

Mar 25, 2026 5:32 AM ET

GUIDANCE: Mondelēz International CHF bmk 3yr, 7yr & 10yr Senior Unsecured; MS+75bp area, MS+90bp area & MS+110bp area

IGC European Market: Deal Flow - General

Issuer	Term	Call	Maturity	Size	Ranking	Type	IPT	Guidance
Mondelēz International	3yr	1	10-Apr-29	Min. CHF 250m	Senior Unsecured	Fixed	MS+70/80	MS+75 area
Mondelēz International	7yr	3	10-Nov-32	Min. CHF 200m	Senior Unsecured	Fixed	MS+85/95	MS+90 area
Mondelēz International	10yr	3	10-Apr-36	Min. CHF 200m	Senior Unsecured	Fixed	MS+105/115	MS+110 area

Guidance: 3yr:MS+75bp area 7yr:MS+90bp area 10yr:MS+110bp area
IPTs: 3yr:MS+70/80bp 7yr:MS+85/95bp 10yr:MS+105/115bp
- Issuer: Mondelēz International, Inc.
- Ticker: MDLZ
- Issuer Domicile: United States of America
- Domestic / Foreign: Foreign
- Format: Public Fixed-Rate Bonds
- Ranking: Senior, unsecured
- Issuer Rating: Moody's: Baa1 (stable); S&P: BBB (stable)
- Instrument Rating (exp): Moody's: Baa1; S&P: BBB
- Issue Size:
- - Tranche 1 (2029): Min. CHF 250mm
  - Tranche 2 (2032): Min. CHF 200mm
  - Tranche 3 (2036): Min. CHF 200mm
- Coupon:
- - Tranche 1 (2029): 0.990% p.a. (indicative, will price at par) (30/360, preceding unadj.)
  - Tranche 2 (2032): 1.304% p.a. (indicative, will price at par) (30/360, preceding unadj.) (Short first coupon)
  - Tranche 3 (2036): 1.658% p.a. (indicative, will price at par) (30/360, preceding unadj.)
- Maturity:
- - Tranche 1 (2029): 3 years (10-Apr-26 to 10-Apr-29)
  - Tranche 2 (2032): 6 years 210 days (10-Apr-26 to 10-Nov-32)
  - Tranche 3 (2036): 10 years (10-Apr-26 to 10-Apr-36)
- Spread/Yield:
- - Tranche 1 (2029): SARON MS +75.0 area // YTM 0.9900% area // Govt + 84.8 area
  - Tranche 2 (2032): SARON MS +90.0 area // YTM 1.3038% area // Govt + 102.2 area
  - Tranche 3 (2036): SARON MS +110.0 area // YTM 1.6575% area // Govt + 129.4 area
- Lead Manager(s): BNP Paribas, Commerzbank, Deutsche Bank, Goldman Sachs International
- SNB Repo-eligibility: At the discretion of the SNB, expected no
- Documentation: Standalone
- Early Redemption: 1-month Par Call on Tranche 1, 3-month Par Call on Tranche 2 and 3, Clean-up Call at 85% at Par, Tax Call
- FinSA Prospectus: Preliminary prospectus available in accordance with art. 51(2) FinSA
- Governing Law: Swiss law
- Covenants: Pari passu clause, negative pledge (limitations on liens), default provisions and change of control clause, each as further described in the Terms of the Bonds
- Use of Proceeds: General corporate purposes, including the repayment of debt
- SIX Listing: 08-Apr-26
- Denomination: CHF 5,000 and multiples thereof
- Selling Restrictions: In particular United States of America and U.S. Persons, European Economic Area and United Kingdom
- Target Market: As defined by the manufacturers domiciled in the EEA and UK (MIFID II/UK MIFIR): Eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions.
- Timing: Today's business, books can close at short notice
- Settle: 10-Apr-26

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Commentary & Deal Flow

GUIDANCE: Mondelēz International CHF bmk 3yr, 7yr & 10yr Senior Unsecured; MS+75bp area, MS+90bp area & MS+110bp area