Gucci Owner’s Bond Deal Breaks Europe’s Corporate Sales Freeze
- Kering’s bond offering was over 2.7 times bid by investors
- The end of earnings blackouts may stoke a rebound in supply
Kering will raise at least 1 billion euros from its first debt offering since May 2020.
Photographer: Artur Widak/NurPhoto/Getty Images
Gucci owner Kering SA is snapping the longest dry spell for Europe’s corporate debt sales since 2020, with May’s approach likely to prompt more activity before the end of market support.
The French luxury fashion group priced 1.5 billion euros ($1.58 billion) across two tranches, according to a person with knowledge of the sale, who asked not to be identified as they’re not authorized to speak about it. The deal boosts the meager 6.53 billion euros of non-financial corporate issuance so far this month and is the first new investment-grade debt deal from a non-financial company since April 12, ending the longest barren run since August 2020, the data show.