Commentary & Deal Flow

IPTs: 3yr: MS+80a 7yr: MS+120a

• Issuer: Heineken NV
• Issuer LEI: 724500K5PTPSST86UQ23
• Issuer Ratings: A3 (stable) / BBB+ (positive) (Moody's/S&P)
• Expected Issue Ratings: A3 (Moody's)
• Format: Senior, unsecured, Reg S, Bearer, NGN
• Settlement Date: 10-Nov-26 (T+7)
• Tenor:
  • 3yr: 3-year Fixed
  • 7yr: 7-year Fixed
• Maturity Date:
  • 3yr: 10-Nov-29
  • 7yr: 10-Nov-33
• Size:
  • 3yr: €500m WNG
  • 7yr: €500m WNG
• Coupon: Ann, Act/Act (ICMA)
• Par Call:
  • 3yr: 1-month
  • 7yr: 3-month
• B&D: Goldman Sachs Bank Europe SE, Santander
• Issuer Calls: MWC, Clean-up Call (75%), Tax Call (at Par), Par call
• Use of Proceeds: General corporate purposes
• Docs/Denoms: EMTN Programme / Luxembourg Listing (regulated market) / Dutch Law / Change of Control (Put, at Par) / €100k+1k
• Active Bookrunners: Goldman Sachs Bank Europe SE, ING, IMI-Intesa Sanpaolo, Santander, Societe Generale
• Target Market: The manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK DISC disclosure document has been prepared as the notes will not be made available to retail investors in the EEA or the UK
• Selling restrictions: As per the Base Prospectus dated 2-Apr-26
• Clearing: Clearstream / Euroclear
• Timing: Today's business