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.
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.
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.
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.
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.
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.
British American Tobacco edged up roughly 0.3% to 4,338 pence, making the UK tobacco sector start the day on a mixed note.
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.
