The Raw Deal


Marks & Spencer has come under fire for the poor covenant package on its £400 million 10-year deal. The lack of a change of control covenant was particularly unwelcome given the rumours at the time that retail giant Philip Green was sniffing around M&S for a potential acquisition. There was also no negative pledge covenant, so M&S is free to issue bonds in future that are secured and senior to this bond.

The deal was oversubscribed but performed poorly in the aftermarket, trading slightly wide

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