Commentary & Deal Flow

Marks and Spencer plc (MARSPE), rated Ba1 (negative) by Moody’s and BB+ (negative) by S&P, has mandated NatWest as gloco and BNPP, MUFG, NatWest and SMBC Nikko as joint lead managers to arrange a series of fixed income investor calls commencing today (Tues Nov 10) and a group investor call at 11:30 UKT today. A Deal Roadshow presentation will also be made available. MUFG will be coordinating roadshow logistics. A GBP-denominated, benchmark size, sr unsec, RegS bearer, 5.5-year transaction off its Euro MTN programme will follow, subject to market conditions. UOP: fund the tender offer and GCP. MARSPE has also concurrently announced an Any & All fixed price tender offer on its GBP300m 6.125% Dec-2021 bonds (XS0715454079) (purchase price 106.25) conditional upon a successful new issuance.  Dealer managers, BNPP, MUFG, NatWest and SMBC Nikko.