Make it so: Picard lands on second attempt

摘要

It was second time lucky for French frozen food company PICARD, as it priced its €1.71bn multi-tranche sustainability-linked high-yield bond on Wednesday after making several tweaks to the structure from its original attempt earlier this year. Picard came back to the market two months after it was unable to reach a compromise with investors on pricing on what is the biggest sustainability-linked bond in the European high-yield market. The Lion Capital-owned company played it safer this time around, adding two banks to the line-up, cutting the length of the deal's maturities and offering chunkier yields when books opened.