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Carrefour (CAFP; NR/BBB) FINAL

CONSUMER STAPLES

€750m 8.1Y SLB FINAL +132 vs. FV +130 (2bp NIC)

  • -38 in from IPT, books>€2.75b are weaker than guidance >€3.2b. Sized at top-end of €500-850m range it generally issues at.
  • SLB target measurement dates are in Dec 2027 and Dec 2030. +25bps from Oct 2028 to Maturity (Oct 2032) if one OR two of the targets are not met.

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