Who’s afraid of M&S?


Marks and Spencer’s bondholders reacted calmly to the company’s late-January announcement of a £2 billion share buyback paid for through the sale of assets and bond financing. In fact, on the day of the announcement M&S’s largest bond – €550 million with a maturity of 2006 – traded up marginally, 0.08%, to end the day at 99.7.

Corporate bond investors say the markets were not troubled because Marks and Spencer (M&S) had clearly signalled its intention to make the buy-back in March last year.


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