Auchan picks up €600m bond at premium of 5bp or less

auchan for new website
By Jon Hay
16 Apr 2014

Groupe Auchan, the French supermarket chain, launched its first bond of the year on Tuesday, into an empty European corporate bond market. Despite the dark clouds massing over Ukraine, there was strong demand and the issuer hit its size and pricing targets.

The privately owned company is rated only by Standard & Poor’s, which downgraded it on April 2 from A to A- with a stable outlook. S&P said it regarded Auchan’s controlling shareholder, the Association Familiale Mulliez, as pursuing a prudent and conservative financial policy, but said this would ...

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