THE WHAT? Luxury group Kering has issued a dual-tranche bond for a total of €1.5 billion.
THE DETAILS The bond consists of a €750 million tranche with a 6-year maturity and a 3.25 percent coupon, and a €750 million tranche with a 10-year maturity and a 3.375 percent coupon.
THE WHY? The bond is said to enable Kering to enhance its funding flexibility through refinancing of existing debt, and is in line with the company’s active liquidity management.
According to Kering, “The great success of this issue with investors underscores the market’s confidence in the credit quality of the Group.”