Kraft Heinz Joins Reverse Yankee Boom to Fund Debt Buyback

Kraft Heinz Foods Co is hitting Europe’s bond market for the first time in over a year to raise euro-currency debt that will help fund a buyback of dollar notes.

The issuer is seeking to raise €1 billion ($1.18 billion) evenly split across five and eight-year notes, according to a person familiar with the matter. It’s offering the shorter tranche in a range of 120 to 125 basis points above midswaps and the eight-year portion at 145-150 basis points above swaps.