Anheuser-Busch Inbev

ABI is a leading global brewer in a fundamentally attractive sector: beer is a great business with returns rewarding scale.

We have seen the business take advantage across the capital stack, buying back both debt and equity instruments at a discount to face value and intrinsic value, respectively. By buying back debt below par value, this reduces refinance risk and adds equity value to the balance sheet. At the same time, ABI has used the low rating on the share due to short-term concerns to buy back over $3 billion of equity, resulting in improved outcomes for shareholders as the long-term results recover. 

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