Kraft Heinz Joins Reverse Yankee Boom to Fund Debt Buyback

Kraft Heinz Foods Co came to 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 raised €1 billion ($1.18 billion) evenly split across five and eight-year notes, according to a person familiar with the matter. Strong demand for the sale allowed the company to trim initial pricing on the notes, with the shorter tranche printing at 88 basis points above mid-swaps, well inside a target range of 120-125 basis points.