GERMAN RETAILER METRO was all set to launch its first European benchmark bond at the end of January, hoping to take advantage of improving conditions in the European corporate bond market since the beginning of the year. For Metro, the world’s fifth-largest retailer, bonds and euro medium-term notes had previously made up less than a quarter of its funding and its outstanding issues were much smaller, largely domestic bonds that are illiquid. The rest of its funding was split between bilateral bank lines, syndicated loans and the money markets.
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