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Anheuser Busch InBev

AB InBev is the world's largest brewer (no 1 in USA, Brazil and Mexico, 3 of the 4 most profitable country markets), dwarfing the opposition, as a result of M&A and capacity expansion over 27 years. Its brand portfolio consists of over 500 beers including three global flagship brands, Budweiser, Stella Artois, and Corona, with 18 brands that generate over $1 bn annually. AB InBev is geographically well diversified with operations across North America (28% of FY17 revenue), LatAm (40%), Europe/Middle East/Africa (18%), and Asia (14%) as well as an export business. A consortium of 3 Brazilian investors and 3 Belgian families own approximately 44% of AB InBev's share capital of which 34% is held by a Stichting. Altria owns 10% and Bevco approximately 5% of the share capital in the form of restricted shares. (10 Sep 2018)

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AB InBev: Baa1 with a Stable Outlook

Worth Watching: 11 Dec 2018, 4:49 AM ET - AB InBev (ABIBB: Baa1/A-/BBB), where we recently affirmed our Market perform opinion vs. its European food & bev/HPC peers, had its rating cut one notch by Moody's to Baa1 yesterday (14.07 EST/ 19.07 GMT). Technicals will now be to the fore. We ..
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IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.
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AB InBev: $ Bond Tender Results

Worth Watching: 28 Nov 2018, 3:00 PM ET - AB InBev (ABIBB: A3/A-/BBB), where we hold a Market perform opinion relative to our European food & beverage/HPC coverage, announced the results of a tender offer for three of Anheuser-Busch InBev Finance Inc's shortest-dated fixed-rate dollar ..
Focused

AB InBev: $ Bond Tenders

Worth Watching: 14 Nov 2018, 4:58 AM ET - AB InBev (ABIBB: A3↓/A-/BB), where we have a Market perform opinion relative to our IG European food & beverage coverage, announced a cash tender offer on Tue 13 Nov 2018 by Anheuser-Busch InBev Finance Inc (ABFI) for ABFI's three shortest date ..
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AB InBev: Results of Jumbo $ Exchange

Worth Watching: 09 Nov 2018, 4:40 AM ET - AB InBev (ABIBB: A3↓/A-/BBB) where we have a Market perform opinion on the bonds relative to our European food & beverage names, announced the early participation results of its exchange offers. Against a nominal of $42 bn for the Jan 2016 jumb ..
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AB InBev: More on the Jumbo $ Exchanges

Worth Watching: 01 Nov 2018, 10:51 AM ET - AB InBev (ABIBB: A3↓/A-/BBB), where we have a Market perform opinion on the bonds relative to our European food & beverage names, launched an exchange for its Jan 2016 dollar jumbo bonds last Friday (26 Oct 2018) on which we have commented (ple ..
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AB InBev: Jumbo $ Bond Exchanges

Worth Watching: 26 Oct 2018, 2:51 PM ET - AB InBev (ABIBB: A3/A-/BBB), where we have a Market perform opinion relative to our IG European food & beverage coverage, announced an exchange offer for around $20 bn of its $42 bn six-tranche dollar jumbo issuance launched in Jan 2016 as part ..
Focused

Bevco Lux Sarl: Income Almost Halving

Worth Watching: 25 Oct 2018, 5:50 AM ET - Bevco Lux Sarl (BEVLUX: NR/BBB/NR) paper should come under pressure in reaction to AB InBev's 50% dividend cut announced this morning (please see: AB InBev: Baa2 Off the Table). This red flagged credit that came to market in February this year w ..
Focused

AB InBev: Baa2 Off the Table

IG Note: 25 Oct 2018, 5:47 AM ET - AB InBev announced a cut in the dividend this morning to accompany subpar results.    

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

IG European Food & Bev/HPC: New Names in the Frame

Sector Analysis: 15 Oct 2018, 11:29 PM ET - Amendments to our investment grade European IG food & Beverage/HPC membership, left us downgrading our opinion on Barry Callebaut but upgrading our recommendation on Nestlé.            

US IG Chart of the Day: Largest Issuer Curves

Strategy Analysis: 03 Oct 2018, 10:33 AM ET - Comcast's mega-deal this week prompted us to take a look at the spread curve for the largest issuers in the IG Index. T, GM, and Pemex have the steepest curves, while the A-rated names have much flatter structures. 
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AB InBev: Rating Breathalyser

Worth Watching: 02 Oct 2018, 5:38 AM ET - AB InBev (ABIBB: A3↓/A-/BBB), where we have a Market perform opinion relative to our European food & beverage/HPC coverage, will have noted that Moody's review for possible downgrade, announced at 18.17 BST/13.17 EDT yesterday, could result in ..

US IG Chart of the Day: The 50 Most Traded Names

Strategy Analysis: 09 Aug 2018, 9:05 AM ET - With declining market liquidity another hot topic, today we look at which names are most often traded. 

Heineken: Snow in Summer?!?

Worth Watching: 03 Aug 2018, 6:01 AM ET - Heineken (HEIANA: Baa1/BBB+/NR) where we hold a Market perform opinion relative to its European food & beverage peers, announced this morning four days after publishing 1H18 results, that it had signed a heads of agreement to take an indirect no ..

July 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 Jul 2018, 9:41 PM ET - Our monthly report provides executive summaries for the ten companies recommendation changes made on European companies during the month of July.
Focused

AB InBev 1H18: Scheduled Stop

Earnings Note: 26 Jul 2018, 11:13 AM ET - AB InBev 1H18 results showed that deleveraging took a pause.

Consumer/Pharma: Cross-Sector Rel Val Analysis

Sector Analysis: 19 Jul 2018, 4:27 AM ET - In this report, we juxtapose OAS and leverage levels across on-the-run non-cyclical credits in the F&B and Pharma space. M&A has elevated leverage for several names, so we aim to help investors find the best spread while managing risk.
Focused

IG European Food & Bev/HPC: 2H18 Opinion Changes

Sector Outlook: 05 Jul 2018, 9:38 PM ET - We set out specific bond choices to execute our new opinions on AB InBev, Pernod and Reckitt Benckiser. 
Focused

IG European Food & Bev/HPC: Second Half

Sector Outlook: 03 Jul 2018, 9:32 PM ET - AB InBev falls to a Market performer as a result of our European food & bev/HPC 2H18 outlook. 

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