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
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