Commentary & Deal Flow

Reoffer: 3yr: MS+33bp / 99.953 / 3.767% 9yr: MS+73bp / 99.824 / 4.274%
Benchmark: 3yr: DBR 0 15-Aug-29 / HR 110% 9yr: DBR 2.6 15-Aug-35 / HR 101%

Allocations in the system
Launched:
3yr: €500m @ MS+33bp
9yr: €500m @ MS+73bp
Guidance: 3yr: MS+35a (+/-2bp) WPIR 9yr: MS+75a (+/-2bp) WPIR
IPTs: 3yr: MS+60a 9yr: MS+105a

• Issuer: PepsiCo, Inc. (Ticker: PEP; Country: US)
• LEI: FJSUNZKFNQ5YPJ5OT455
• Issuer Ratings: A1 (Stable) by Moody's / A+ (Stable) by S&P
• Expected Issue Ratings: A1 (Stable) by Moody's / A+ (Stable) by S&P
• Format: Senior Unsecured Notes; SEC Registered
• Settlement: 16-Oct-26 (T+4)
• Tranche:
  • 3yr: 3-year Fixed
  • 9yr: 9-year Fixed
• Issue Size:
  • 3yr: €500m
  • 9yr: €500m
• Maturity Date:
  • 3yr: 16-Oct-29
  • 9yr: 16-Oct-35
• Coupon:
  • 3yr: 3.75% Fixed, Annual, ACT/ACT (ICMA)
  • 9yr: 4.25% Fixed, Annual, ACT/ACT (ICMA)
• Reoffer:
  • 3yr: MS+33bp / 99.953 / 3.767%
  • 9yr: MS+73bp / 99.824 / 4.274%
• Use of Proceeds: General Corporate Purposes
• Benchmark:
  • 3yr: DBR 0 15-Aug-29 / HR 110%
  • 9yr: DBR 2.6 15-Aug-35 / HR 101%
• Benchmark ISIN:
  • 3yr: DE0001102473
  • 9yr: DE000BU2Z056
• Listing and Documentation: The Company intends to apply to list the Underwritten Securities on the Nasdaq Bond Exchange and expects trading in the Underwritten Securities to begin within 30 days after the original issue date.
• Governing Law: NASDAQ Listing, New York Law
• Par Call:
  • 3yr: Yes, 1-month (16-Sep-29)
  • 9yr: Yes, 3-month (16-Jul-35)
• MWC:
  • 3yr: Yes
  • 9yr: Yes
• Clearing System: Clearstream, Euroclear
• Denominations: €100k x €1k
• ISIN:
  • 3yr: XS3541074905
  • 9yr: XS3541075381
• Active Bookrunners: Deutsche Bank (B&D), HSBC
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID)/CCI Product Summary has been prepared as not available to retail in EEA or the UK.
• Timing: Books closed
• Hedges Deadline: 14.40 UKT