THE WHAT? Kering has issues a four-tranche bond for a total of €3.8 billion. The bond consists of two €750 million tranches, one with a two-year maturity and a 3.75 percent coupon and the other with a four-year maturity and a 3.625 percent coupon.

THE DETAILS Then the two further tranches comprise one of €1 billion with eight year maturity and a 3.625 percent coupon, and one of €1.3 billion with a 12-year maturity and a 3.875 percent coupon.

THE WHY? Kering noted that the success of this issue with investors underscores the market’s confidence in its credit quality. The owner of Gucci is rated ‘A’ with a stable outlook by Standard & Poor’s.