法国烈酒制造商保乐力加正计划发行首只混合债券，同时启动部分在 circulación 高级债券的回购要约，旨在应对即将到期的债务，此时其信用评级展望为负面。
Ricard is planning the sale of a debut hybrid bond alongside a tender for some of its outstanding senior debt, as the company looks to tackle upcoming maturities with its credit ratings on negative outlook.
据一位知情人士透露，该公司正就这笔分两部分、基准规模的欧元混合债券举行投资者推介会，其中永续债券首次赎回期分别为 5.25 年和 8 年。该人士因事涉私密而要求不具名。
The French spirits maker is holding investor calls for the two-part benchmark-sized euro hybrid with the perpetual notes first callable after 5.25 years and eight years, according to a person familiar with the matter who asked not to be identified.
知情人士称，保乐力加同时宣布了一项有上限的回购要约，涉及七只欧元计价高级债券，总额达 47 亿欧元，到期日分布在 2027 年 9 月至 2032 年 11 月之间。
Pernod concurrently announced a capped tender offer across seven senior euro-denominated bonds totaling €4.7 billion, with maturities ranging from September 2027 to November 2032, the person said.
此次潜在发行正值法国主权债务动荡之际。周二，投资者持有法国 10 年期国债而非更安全的德国国债所要求的额外收益率升至 150 个基点，触及上一次达到的水平是在 10 月 5 日，而本月早些时候曾升至 159 个基点。
The potential sale comes during a febrile period for French sovereign debt. The extra yield investors demand to hold French 10-year bonds over safer German debt rose to 150 basis points on Tuesday, a closely watched level last reached on October 5, after touching 159 basis points earlier this month.
法国一直在应对生活成本抗议，尽管在周末发生暴力、破坏和抢劫事件后，当局采取了更严厉的安保措施，骚乱基本平息。
France has been grappling with cost-of-living protests, though unrest largely subsided after tougher security measures were introduced following violence, vandalism and looting over the weekend.
截至 8 月止的年度里，保乐力加约 30% 的收入来自欧洲销售。虽然公司不单独披露法国数据，但据彭博汇编数据，2024 年法国约占其净销售额的 5%。保乐力加发言人未立即回应置评请求。
Pernod made roughly 30% of its revenue from European sales in the year to August. While it does not disclose figures for France alone, the country accounted for about 5% of net sales in 2024, according to data compiled by Bloomberg. A spokesperson for Pernod didn’t immediately respond to a request for comment.
拥有绝对伏特加、必富达伦敦干金酒、占边威士忌和哈瓦那俱乐部朗姆酒等品牌的保乐力加，追随同行酒企人头马轩尼诗，首次发行混合债券。人头马轩尼诗利用这种成本较高的融资形式，帮助维持其投资级评级。
The owner of brands including Absolut vodka, Beefeater London gin, Jameson whisky and Havana Club rum follows fellow alcohol producer Remy Cointreau in making its hybrid bond debut. Remy used the more expensive form of borrowing to help preserve its investment-grade rating.
混合债券兼具债务和股权特征，虽然通常比高级借贷更昂贵，但因评级机构给予部分股权待遇，有助于增强资产负债表。
Hybrid bonds combine features of debt and equity and, while typically more expensive than senior borrowing, can help bolster balance sheets because rating firms give them partial equity treatment.
对于保乐力加而言，杠杆率早已是重中之重。受盈利走软影响，其净债务与息税折旧摊销前利润（Ebitda）之比升至3.7倍，促使副首席财务官Mauve Croizat在8月告诉投资者，债务将是“我关注的重点之一”。保乐力加的目标是到2029财年将该比率重新降至三倍以下。
For Pernod, that comes with leverage already firmly in focus. Its net debt-to-Ebitda ratio rose to 3.7 times following softer earnings, prompting Deputy Chief Financial Officer Mauve Croizat to tell investors in August that debt would be “one of my key points of attention.”Pernod aims to bring the ratio back below three times by fiscal 2029.
该公司在穆迪评级中为Baa1级，在标普全球评级中为BBB+级，两者均带有负面展望。拟发行的混合债券预计分别获得Baa3级和BBB-级评级。
The company is rated Baa1 by Moody’s Ratings and BBB+ by S&P Global Ratings, with both carrying negative outlooks. The proposed hybrids are expected to be rated Baa3 and BBB-, respectively.
尽管混合债券成本高于高级债务，但根据ICE债券指数，混合债券相对于高级债务的额外息差仅为61个基点，接近历史低位，而长期平均水平超过120个基点。据彭博汇编的数据，今年以来以美元、欧元和英镑计价的混合债券发行规模已达年度纪录，超过960亿美元。
While they are more expensive than senior debt, the additional spread on hybrid bonds over senior debt stands at just 61 basis points, near record lows and compared with a long-term average of more than 120 basis points, according to ICE bond indexes. Hybrid bond sales in dollars, euro and sterling have already reached an annual record this year, at more than $96 billion, according to data compiled by Bloomberg.
花旗、荷兰国际集团（ING）、Natixis和法国兴业银行担任全球协调人，巴克莱、法国巴黎银行、法国农业信贷银行企业与投资银行（Credit Agricole CIB）和汇丰银行担任联席主承销商。
Citigroup, ING, Natixis and Société Générale are acting as global coordinators, alongside Barclays, BNP Paribas, Credit Agricole CIB and HSBC as active bookrunners.
周二，保乐力加股价上涨4.9%，同行帝亚吉欧股价亦走高，此前路威酩轩（LVMH）酒业部门业绩超预期，尽管中国市场疲软拖累了路威酩轩及更广泛的奢侈品板块。
Pernod shares rose 4.9% on Tuesday, gaining alongside peer Diageo after LVMH’s alcohol unit beat expectations, even as weakness in China weighed on LVMH and the broader luxury sector.
债务分布：RI FP Equity DDIS 资本结构：RI FP Equity CAST 评级历史：RI FP Equity CRPR
Debt distribution: RI FP Equity DDIS Capital structure: RI FP Equity CAST Ratings history: RI FP Equity CRPR