When triple-B-rated French retailer Casino decided earlier this year that it wanted to diversify its funding, it went for an issue in the US private placement market. It duly did a nine-year deal with a small seven-year tranche raising a total of $260 million at the beginning of October. The transaction was sold to 11 investors.
Casino didn’t have much choice. It had raised e700 million of 10-year debt in the public euro market by June this year but in view of the way its public bonds denominated in euros were trading at the end of September, it knew it wasn’t going to be able to do another big issue in euros, where it has 95% of its debt.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
