AB InBev announced it has completed the pricing of $ 4.0bn bonds, consisting of 4 different maturities : $ 1.0bn 3-year fixed rate notes (coupon 0.8%) $ 1.0bn 5-year fixed rate notes (coupon 1.25%) $ 1.25bn 10-year fixed rate notes (coupon 2.625%) $ 750m 30-year fixed rate notes (coupon 4.0%) Subject to customary closing conditions the issuance is expected to close on 17 January. Our View: AB InBev continues to refinance at very attractive levels. We expect the average coupon rate to drop by around 100bps in 2013 (to 4.0%) vs the 2012 expected average coupon rate. The expected lower average coupon could in our opinion yield about € 0.20 additional EPS in 2013. We stick to our Hold rating and € 67 target price for now as we continue to believe AB InBev is a very well managed company with strong market positions, albeit the stock is trading close to its fair value.