On 22 August, the multi-tranche domestic deal for Anheuser-Busch InBev (AB InBev)’s (A-/A3) fully guaranteed subsidiary, FBG Finance, progressed to launch. According to lead managers ANZ, Citi and Deutsche Bank, the forthcoming deal will comprise five-year fixed- and floating-rate tranches with initial price guidance in the area of 100-105 basis points over semi-quarterly swap and bank bills respectively, as well as a seven-year fixed-rate tranche with initial price guidance in the area of 125-130 basis points over semi-quarterly swap and a 10-year fixed-rate tranche with initial price guidance in the area of 145-150 basis points over semi-quarterly swap.