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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
CONS
PRCD
CAFP
Carrefour SA€750
1EMEA
May 27, 2026
currency
EUR
size (m)
750.000
maturity
Jun 4, 2034
type
Fixed
tenor
8.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
-
s&p
BBB
fitch
-
size description
-
re-open/tap
No
ipt
MS+140 area
ipt-pxd
-33
guidance
MS+110 area
spread
107
coupon
3.875%
spread set
-
price
99.17200
yield
3.998%
book size (m)
1,600
peak book (m)
2,200
x-covered
2.13
book attrition
-27.27%
nic
8
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,600
peak book (m)
2,200
x-covered
2.13
book attrition
-27.27%
nic
8
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 1600; Registration: Reg S Only; Comments: DBR 2.2 Feb34 (95.435) + 113.1bps / HR 101%. MWC: B+20. Clean-Up Call: 75%. LEI: 549300B8P6MUJ1YWTS08;
Use of Proceeds
General corporate purposes, including the refinancing of the €1,000,000,000 2.625% Dec-2027 Bond (ISIN: FR0013505260), of which €800,0000,000 are outstanding, and the €850,000,000 4.125% Oct-2028 Bond (ISIN: FR001400D0F9) which are also subject to a concurrently launched capped tender offer
Relative Value

SLB
8 year (June 2034) @ MS+140bp area
Implied Spread for fresh 8yr @ +115
Priced at MS+107
NIC of +8


COMPS

Moody's

S&P

Fitch

Pricing

Coupon

Maturity

Tenor

Size

I-SPREAD

 

CARREFOUR SA

-

BBB

-

Aug-25

2.875

Dec-28

2.5

500

44

CARREFOUR SA

-

BBB

-

Apr-25

2.875

May-29

2.9

500

49

CARREFOUR SA

-

BBB

-

Mar-22

2.375

Oct-29

3.4

750

35

CARREFOUR SA

-

BBB

-

Jan-25

3.25

Jun-30

4.1

500

67

CARREFOUR SA

-

BBB

-

May-23

3.75

Oct-30

4.4

500

64

CARREFOUR SA

-

BBB

-

Nov-23

4.375

Nov-31

5.5

750

72

CARREFOUR SA

-

BBB

-

Sep-24

3.625

Oct-32

6.4

750

86

CARREFOUR SA

-

BBB

-

Jun-25

3.75

May-33

7

650

91

CARREFOUR SA

-

BBB

-

Feb-26

3.875

Dec-35

9.5

500

115