How will the tender offer affect the liquidity and yield of Huhtamäki's existing 2027 notes in the secondary market?

The voluntary tender will pull a portion of the 2027 bond issue out of the free‑float, directly tightening secondary‑market supply. Assuming the tender size is material relative to the total outstanding (e.g., >10‑15 %), the immediate effect will be a reduction in daily traded volume and a shallower order book, which can make it harder for smaller investors to enter or exit positions without moving the price. For the surviving tranche the bid‑ask spread is likely to widen in the short‑run, simply because there are fewer counterparties willing to provide depth.

At the same time, the tender is typically priced at a small premium to the prevailing market price, signalling that the issuer is willing to pay a modest extra cost to retire debt early. This premium, combined with the lower supply, should push the residual notes’ price up and compress their yield. In practice you can expect a modest yield‑to‑worst contraction (perhaps 5‑10 bps) on the remaining 2027 bonds, especially if the tender is fully subscribed and market participants perceive the action as a “clean‑up” of the balance sheet rather than a distress move.

Trading implication: If you already hold the 2027 notes, the tender‑induced price gain may offset the lower yield, making a hold‑or‑sell decision dependent on your income target. For new buyers, the post‑tender yields could be less attractive relative to comparable senior unsecured debt, so consider waiting for the market to re‑price any remaining liquidity premium or look for alternative maturities with better spread potential. Monitor the tender completion percentage and any subsequent issuance plans—if Huhtamäki signals further refinancing, the temporary liquidity squeeze could reverse quickly.