Commentary & Deal Flow

Carlsberg Breweries A/S, (ticker: "CARLB", country: DK) rated Baa1 (stable) by Moody's and BBB+ (negative) by Fitch, has mandated J.P. Morgan as Sole Structuring Agent to the Issuer and ANZ, Citi, Deutsche Bank, J.P. Morgan and Nordea as Joint Bookrunners for a series of fixed income investor calls on 5-May-26. An investor presentation with pre-recorded voiceover has been made available. Nordea is coordinating logistics.

An inaugural Reg S Bearer, EUR benchmark hybrid offering across 1000NC5.25 and 1000NC8 tenors is expected to follow, subject to market conditions. The notes are expected to be rated Baa3 by Moody’s and BBB- by Fitch. The net proceeds from the issue of the notes will be applied by the Issuer for general corporate purposes, including refinancing certain of its outstanding debt obligations.

Carlsberg Breweries A/S has concurrently announced a capped tender offer across its €850m Floating Rate Notes due February 2027, €500m 0.375% Notes due June 2027, €700m 4.000% Notes due October 2028 and €1bn 3.000% Notes due August 2029. J.P. Morgan is acting as Sole Dealer Manager on the tender offer. Carlsberg also intends, following pricing of the New Notes, to redeem its €750m 3.500% Notes due November 2026.