Every little bond helps deleverage Tesco
Tesco issued a new £400m six year bond, to fund a tender for bonds from eight older issues, and saw blow-out demand of £3.3bn, as the UK supermarket heads back towards investment grade status.
Tesco announced the combined tender and new deal on Tuesday, targeting bonds with a nominal value of £1.15bn and €500m, and promising a benchmark-sized new issue.Leads HSBC, JP Morgan, NatWest Markets and RBC started bookbuilding for the deal with initial price thoughts of 200bp-210bp ...
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