Commentary & Deal Flow

Marks and Spencer plc (MARSPE) GBP300m Reg S bearer sr unsec notes due May 19, 2026 (5.5y). NCL (MWC G+50bp) (3mo par call). Ba1/BB+ (negative/negative). Via BNPP/MUFG/NatWest (gloco, B&D)/SMBC Nikko joint active books. Off its Euro MTN programme. Coupon: annual, Act/Act, short first. English law. List LSE. Settles 11/19 (T+5). The transaction will be issued on the same terms as outstanding bonds, but with the exclusion of the coupon step. IPT: 4.25% area.

Guidance: 3.875%-4.00%.

Roadshow/fixed income investor calls 11/10-11 (did investor call at 11:30 UKT 11/10). Books subject at 12:10 UKT today. Pricing today UK afternoon. Books in excess of GBP1.8bn. MUFG coordinated roadshow logistics. (over 65 accounts are engaged). 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.