Commentary & Deal Flow

Anadolu Efes Biracilik ve Malt Sanayii A.S. (AEFES), exp BBB- by S&P (Stable outlook) and BBB- by Fitch (Stable outlook), US$ benchmark 144A/REg S 7y sr notes due 6/29/28. BNP Paribas, Citi (B&D), HSBC and J.P. Morgan as Joint Bookrunners. MWC then 3mos par call. List Euronext Dublin. English Law. UOP: Redeem the US$500,000,000 3.375% notes due 2022 issued in October 2012 and for general corporate purposes. Pricing 6/22. Settle 6/29 (T+5).

IPTs: low 4%s.

GUIDANCE: 3.875% area. Books in excess of $2bn. Books go subject at 2pm UK / 9am US.