Hornbach nails €250m unsecured bond launch despite retail fears

Power Tools
By Karoliina Liimatainen
18 Oct 2019

German home improvement and garden supplies chain Hornbach issued €250m of senior unsecured notes on Thursday, for a coupon of just 3.25%. While the retail sector in general makes investors wary and Germany is lurching towards recession, investors showed confidence in the home improvement market.

The bond ended up pricing tighter than the initial price thoughts of 3.75–3.875%, released on Thursday morning. Later in the day, the IPTs narrowed to 3.375–3.5%, finally settling to slightly below that. The books were bulging with €900m of orders but — unlike many other issuers of ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.