Bubble called as H&M debut soars

By Mike Turner
18 Feb 2021

Hennes & Mauritz, the Swedish clothing retailer, earned blowout demand for its sustainability-linked debut bond, but bankers off the trade said on Thursday that the exuberance was indicative of just how far capital markets have strayed from reality.

H&M, with a freshly published BBB rating from S&P, drew an almost 11 times oversubscribed order book for its €500m no-grow 0.25% August 2029 trade on Thursday, as investors thrust money at the first-time issuer.  

BNP Paribas, Commerzbank, Danske Bank, SEB and Standard Chartered ran the deal. Sustainalytics provided ...

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