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      Danone in the market with senior unsecured bond
      TUESDAY, 02/11/2021 - Scope Ratings GmbH
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      Danone in the market with senior unsecured bond

      Danone SA went into the market today with a EUR 700m nine-year senior unsecured bond. Scope rates Danone on a subscription basis.

      To view Scope’s subscription rating, full rating report and ESG Impact Score or to register, please click here.

      Initial price thoughts on the bond went out at 55bp-area over mid-swaps; updated guidance emerged in a range of MS+35bp-40bp and the spread was fixed at MS+35bp, by which time demand was EUR 1.6bn, according to Bond Radar (www.bondradar.com).

      In its rating report, Scope notes the company’s strong business risk profile as one of the largest food and beverage companies in the world, supported by relatively low industry risk and the group’s leading position in all the food and beverage categories in which it operates. The rating benefits from the group’s diversified business risk via its different product categories, a portfolio of several well recognised brands and a broad geographical presence. Credit metrics are supported by solid recurring operating cash flow generation well above capex needs, despite relatively high (but gradually decreasing) gross debt. The company has since confirmed its full-year 2021 financial targets.

      Investors and professional market participants can sign up for ScopeOne. For more information on Scope’s digital market place, please follow this link.

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