FedEx Corp (FDX) 2016-2

CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
EUR500.0003Apr-19Sr. UnsecuredBaa2BBB-Floating3mEu-3mEu+75 a553mEu+55-100.00000
EUR500.0004Apr-20Sr. UnsecuredBaa2BBB-FixedSwaps-MS+85 a600.50%-99.81900
EUR750.0006Jan-23Sr. UnsecuredBaa2BBB-FixedSwaps-MS+90851%-99.70300
EUR1,250.00010Jan-27Sr. UnsecuredBaa2BBB-FixedSwaps-MS+1151101.63%-99.37800
Tranche Comments
3 yr: Registration: Registered; Comments: EUR500m 3yr SEC-reg FRN, deal to part fund acq of TNT Express NV. Baa2/BBB. BAML/BNPP/DB/JPM. Also 4s/6s/10s fixed. IPTs 3mE+75a, spread set at +60.; 5 yr: Registration: Registered; Comments: EUR500m (expected) 4yr SEC-reg fixed, deal to part fund acq of TNT Express NV. Baa2/BBB. BAML/BNPP/DB/JPM. Also 3yr FRN, long 6s/10s fixed. IPTs MS+85a, spread set at MS+65.; 6 yr: Registration: Registered; Comments: EUR750m at MS+90bp -from IPTs MS+110a for EUR750-1bnbn 6.75yr SEC-reg FXD, deal to part fund acq of TNT Express NV. Baa2/BBB. BAML/BNPP/DB/JPM. Also 3FRN and 4s/10s fixed (EUR3bn total deal size). MWC B+20bp, 3m par call.; 10 yr: Registration: Registered; Comments: Bks open with IPTs of MS+130a for EUR 10yr SEC-reg FXD. Guidance MS+115, expect 1-1.25bn size. Proceeds to part fund acq of TNT Express NV. Baa2/BBB. BAML/BNPP/DB/JPM. Also 3FRN and 4s/6s fixed.;
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