Bullish indicating open at $55-$60, IPO prices at $37
MADRID - Spanish retailer El Corte Inglés, S.A. has announced a pre-stabilisation period for its upcoming benchmark euro-denominated bond offering, according to a press release issued Thursday.
J.P. Morgan S.E. will serve as the stabilisation coordinator for the eight-year bond, with Barclays, BBVA (BME:BBVA), BofA Securities, Caixabank, Citigroup (NYSE:C), and Goldman Sachs acting as stabilisation managers.
The stabilisation period is expected to begin on July 17, 2025, and end no later than August 17, 2025. During this time, stabilisation managers may over-allot securities by up to 5% of the aggregate nominal amount to support the market price.
The bonds will be issued in a minimum denomination of EUR 100,000 and will be listed on Euronext (EPA:ENX) Dublin. The offering is structured as Regulation S, Category 2, Bearer securities with a New Global Note format.
The stabilisation activities, while not guaranteed to occur, are designed to support the bond price at levels higher than might otherwise prevail in the open market. Any stabilisation action may cease at any time during the designated period.
The securities will not be registered under the United States Securities Act of 1933 and are not being offered in the United States. The announcement is directed at qualified investors in EEA Member States and experienced investors in the United Kingdom (TADAWUL:4280).
The offer price for the benchmark-sized issuance has not yet been determined, according to the announcement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.