Specialist French retailer FNAC Darty SA halted a €300 million bond sale, saying market conditions are not attractive enough in a statement on Wednesday. It’s the first euro corporate junk debt sale to be pulled since House of HR in October 2022, according to data compiled by Bloomberg.
“We find this withdrawal surprising, as the group appeared to have secured satisfactory financial terms, a level at which we were recommending a purchase,” Spread Research analysts led by Benjamin Sabahi wrote in a note to clients this morning. “The cancellation may be due to management having favored the loan market rather to the detriment of the bond market for cheaper financial costs.”
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