H&M gets €5.4bn of orders for SLB debut bond

By Mike Turner
18 Feb 2021

H&M, the Swedish clothing retail company, has received blowout demand for its debut bond, as the “perfect storm” of ESG criteria and European Central Bank rule changes to allow it to buy sustainability-linked bonds saw the order book bulge to almost 11 times subscribed at guidance.

H&M, freshly rated BBB with Standard & Poor's, rounded off three days of marketing by opening books on Thursday for a €500m no-grow sustainability-linked August 2029 bond.

“It’s a perfect storm,” said a syndicate banker off the trade. “Just a complete bun-fight. You’ve got everything lined up for them; ...

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