Richemont says R40bn bond sale a sign of investor confidence that it can weather Covid-19 shock
Johann Rupert’s Richemont, the luxury goods group that owns the Cartier brand, hailed its ability to sell bonds at favourable rates as a sign of confidence among investors in its ability to weather the Covid-19 induced economic stress in its key markets.
The company sold €2bn (R40bn) of bonds maturing in eight to 20 years at coupons of less than 2%. Its €500m of notes maturing in eight years will pay an annual 0.75%. It also sold €850m of 12-year notes at 1.125% as well as a 20-year security at 1.625%. ..