London, Jan 30, 2026, 08:58 GMT — Regular session
- Imperial Brands shares slipped 0.2% in early trading following new debt and buyback filings
- Financing arm finalized terms for €900 million notes maturing in 2033, targeting a Feb. 2 issue date
- This week, shareholders approved the final dividend and renewed the buyback authority at the AGM
Imperial Brands slipped 0.2% to 3,019 pence in early London trade on Friday after filings revealed ongoing share buybacks alongside new debt funding. The stock fluctuated between 2,994 and 3,022 pence by 08:58 GMT, within a 12-month range of 2,638 to 3,329 pence. 1
Imperial’s push to return capital remains intense, and investors are paying close attention not just to the amounts but to the methods. Within 48 hours, the company has rolled out a new bond and issued another daily buyback update, with more events stacking up on the calendar.
Imperial, a FTSE 100 constituent, has traditionally attracted income-seeking investors thanks to its dividend, while share buybacks have boosted per-share figures. With markets increasingly fixated on rates and credit spreads, its financing costs are under the microscope more than before. 2
Imperial Brands Finance PLC has finalized terms for a €900 million bond issue, backed by Imperial Brands and maturing Aug. 2, 2033. The bonds come with a 3.875% coupon and will be priced at 99.4% of par — a slight discount. That translates to an initial yield near 3.972%, with net proceeds expected around €891.6 million. Ratings firm Moody’s assigned a Baa2 grade, while S&P gave them a BBB rating, according to the regulatory filing. 3
Imperial also repurchased 100,106 shares on Thursday, paying an average of 3,023.09 pence each, totaling around £3.0 million. This buyback is part of the £1.45 billion programme the company unveiled in October. After cancelling these shares, Imperial’s total share count stands at 791,169,280, excluding treasury shares. 4
This week’s filings also confirmed strong shareholder backing for the strategy. Every resolution sailed through at Imperial’s annual general meeting on Wednesday, including approval of the final dividend and a fresh green light to buy back shares. The buyback was supported by 99.96% of votes cast. 5
Friday saw a firmer tone in European risk appetite. The STOXX 600 edged up roughly 0.1% in early trading, as investors digested corporate earnings alongside broader economic signals. 6
British American Tobacco edged up roughly 0.3% to 4,338 pence, making the UK tobacco sector start the day on a mixed note. 7
The typical tobacco risks remain: regulations can change abruptly, illicit trade can cause problems, and volumes tend to decline across many markets over time. For Imperial, a sustained higher interest rate environment might compel harder decisions on whether to prioritize bondholder payments, share buybacks, or maintaining the dividend trajectory.
Investors have their eyes on the Feb. 2 bond issue date and the dividend schedule. Imperial’s shares go ex-dividend on Feb. 19, so anyone buying after that won’t get the next payout. The final dividend is set for March 31, while the half-year results will be released on May 12. 8
