Auchan whizzes past downgrade worries

摘要

AUCHAN paid a hefty price for its second outing this year on Tuesday and offered investors no protection against a possible downgrade to junk territory under existing ownership. The French retailer priced a €lbn six-year at 225bp over mid-swaps, the tight end of 225bp-230bp guidance, on the back of over €3.4bn of orders (pre-reconciliation). Leads BNP Paribas, Credit Agricole, Citigroup, CM-CIC, ING and UniCredit tightened pricing from 250bp over IPTs.