Artemis hits target: cheap funding with no dilution
Artemis, the Pinault family holding company that owns €17bn of shares in Kering, the French luxury goods group, raised €383m on Tuesday with an innovative equity-neutral exchangeable bond, in which Crédit Agricole acts as an extra counterparty to investors.
The deal’s closest precedent is the €200m bond issued in October 2016 by Rallye, the holding company for shares in Casino, the French supermarket group. That was the first equity-neutral exchangeable bond.
But although structurally similar, the deals were quite different in style. Rallye is a listed
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