Commentary & Deal Flow

+++Corrects coupon in the story: 5.125% (not 5.25%)+++

Huhtamaki Oyj (HUHTAM) EUR300m Reg S sr unsec notes due 11/24/28 (5y). NCL (MWC B+40bp, 3mo par call, residual call 75%). NR/BB+ (--/stable). Via BNP/Nordea (B&D)/SEB jt active books. Finnish law. List NASDAQ Helsink. Annual pay (Act/Act). Settles 11/24 (T+6). ISIN: FI4000562202. IPT: 5.75% area. Guidance: 5.50% area. Final guidance: 5.25%-5.375% (WPIR). Final terms: 5.25% yield.

Priced: 5.125% at 99.463, yield 5.25%. MS+219.9bp. +273.6bp vs OBL 2.40% Oct 2028.

Virtual roadshow Tues-Weds (BNP coordinated roadshow logistics). Books closed at 12:45 UKT today. Final books EUR1.2bn (tight end of guidance, pre-rec). UOP: fund the tender offer for its EUR150m 1.625% notes due October 2024 (ISIN: FI4000282801) (EUR979.5 fixed purchase price 11/16, Nordea/SEB dealer managers), repay EUR250m term loan due April 2024, and GCP. Biz: leading global provider of sustainable packaging solutions for consumers around the world. HQ: Epsoo, Finland.