Thom tests retail appetite

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By Owen Sanderson
28 Jan 2021

A bond for French jewellery store operator Thom Group showed that investors can digest debt from lesser loved sectors like retail, though the decision to opt for bonds to refinance its existing loan capital structure might have been prompted by the greater taste for adventure typically seen in the public market.

Talk for the €600m senior secured issue, split into fixed and floating rate tranches, was 5.5%-5.75% and 550bp-575bp over Euribor for the FRN. That’s well within the bond market sweet spot on the fixed tranche — Rekeep did a deal at 7.25% last week.

But CLO buyers, likely ...

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