Commentary & Deal Flow

IPTs: 5.5yr: MS+110a 10yr: MS+150a

• Issuer: Marsh & McLennan Companies (ticker: "MRSH")
• LEI: 549300XMP3KDCKJXIU47
• Expected Ratings: A3/A-/A- (Moody's/S&P/Fitch)
• Format: SEC Registered
• Ranking: Senior Unsecured
• Total Size: € Benchmark
• Tenor:
  • 5yr: Long 5-year
  • 10yr: 10-year
• Coupon Type:
  • 5yr: Fixed, Ann, Act/Act (ICMA), Short First
  • 10yr: Fixed, Ann, Act/Act (ICMA), Short First
• Maturity Date:
  • 5yr: 15-Mar-32
  • 10yr: 15-Nov-36
• Settlement Date: 27-Oct-26 (T+5)
• Optional Redemption:
  • 5yr: Make-Whole Call, 1-month Par Call, Tax Event Call
  • 10yr: Make-Whole Call, 3-month Par Call, Tax Event Call
• Bookrunner(s):
  • 5yr: Active: BofA (B&D), DB, Barc
  • 10yr: Active: BofA (B&D), DB, HSBC
• Use of Proceeds: General Corporate Purposes
• Denominations: €100,000 x €1,000
• Marketing:
  • 5yr: Direct link: https://dealroadshow.finsight.com/e/MRSH2026 Link: https://dealroadshow.finsight.com
  • 10yr: Entry Code: MRSH2026
• Governing Law & Expected Listing: New York Law, NYSE Listing
• Selling Restrictions: As set out in the Preliminary Prospectus Supplement
• MiFID II Target Market and PRIIPs Regulation: MiFID II professionals / ECPs-only / No EU PRIIPs KID – Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) has been prepared as not available to retail in the EEA.
• UK MiFIR and FCA Product Disclosure Sourcebook (DISC): UK MiFIR professionals / ECPs-only / No DISC/CCI disclosure document – Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No DISC/CCI disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in the UK.
• Timing: Today's business