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Sayfa başlığıMetro's Euro début benchmark now successfully launched

30.01.2003

Metro's Euro début benchmark now successfully launched

Today METRO Group has successfully launched its inaugural-benchmark transaction in the corporate Eurobond market.

The offering has a volume of € 850 million and a 5-year tenor. The issue will be due 13 February 2008 and was priced at a spread of mid-swaps +170bp.

The bonds will refinance METRO Group’s outstanding DM 1.5 billion convertible bonds, which are expected to be put in mid 2003. Given the strong order book in Euros and the more competitive pricing achievable in Euros than in Sterling, METRO Group has decided to issue a Euro tranche only. The order book is characterised by high quality and diversity including about 20% insurances, 40% fund managers and a strong retail platform. The bonds were distributed amongst more than 100 institutional investors in 15 European countries.

Joint bookrunners are Deutsche Bank, Dresdner Kleinwort Wasserstein, HSBC and J.P. Morgan. The co-lead group consists of Commerzbank, HypoVereinsbank, Société Générale and WestLB. The bonds are issued off Metro's Debt Issuance Programme and listed in Frankfurt. Metro is rated Baa1 negative outlook by Moody’s and BBB stable outlook by S&P.

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