Commentary & Deal Flow

Marks and Spencer plc (MARSPE) GBP benchmark size Reg S bearer sr unsec notes due 2026 (5.5y). Ba1/BB+ (negative/negative). Via NatWest gloco/BNPP/MUFG/NatWest/SMBC Nikko joint lead managers.

Update: Roadshow concludes today with over 65 accounts engaged. The issuer continues to focus on a GBP benchmark size 5.5yr, in conjunction with a tender for its 2021 Notes. The transaction will be issued on the same terms as outstanding bonds, but with the exclusion of the coupon step. Timing for pricing is as early as tomorrow, subject to market conditions.

Fixed income investor calls started yesterday (did investor call at 11:30 UKT yesterday). MUFG coordinated roadshow logistics. Off its Euro MTN programme. 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. Biz: department store retailer in the UK and internationally. HQ: London.