Carrefour Announces Pre-Stabilisation of EUR Benchmark Securities

Carrefour SA is issuing a EUR Benchmark with a 08-December-2028 maturity date and an IPT of MS + 115 bps area. The stabilisation period is expected to start on 28 August 2025 and end no later than 30 days after the proposed issue date. Stabilisation managers include BBVA, Goldman Sachs Bank Europe SE, HSBC, ING(B&D), and Natixis. They may over-allot securities and effect transactions to support the market price during the stabilisation period.

Carrefour SA has announced the issuance of a EUR Benchmark with a maturity date of 08-December-2028 and an IPT of MS + 115 bps area. The stabilisation period is expected to commence on 28 August 2025 and conclude no later than 30 days after the proposed issue date. The stabilisation managers, which include BBVA, Goldman Sachs Bank Europe SE, HSBC, ING (B&D), and Natixis, may over-allot securities and effect transactions to support the market price during this period [1].

The stabilisation period is a critical phase in the issuance process, designed to ensure a smooth market entry and support the security's price. Stabilisation managers are responsible for maintaining market stability by managing the supply and demand of the securities. This practice is governed by the Market Abuse Regulation (EU/596/2014) and the UK FCA Stabilisation Binding Technical Standards [2].

ING Group, one of the stabilisation managers, has recently shown significant interest in the financial sector. In the first quarter of 2025, Russell Investments Group Ltd. increased its holdings in ING Group by 511.1%, owning 145,583 shares valued at $2.85 million after acquiring an additional 121,760 shares [1]. Analysts have generally upgraded ING Group, with Cfra Research moving from a "moderate sell" to a "hold" rating and Barclays upgrading from "equal weight" to "overweight," resulting in a consensus rating of "Moderate Buy" [1].

The stabilisation measures announced by Carrefour SA are part of a broader strategy to enhance the financial stability and market acceptance of the newly issued securities. By engaging experienced stabilisation managers, Carrefour SA aims to mitigate potential market volatility and ensure a successful launch of the EUR Benchmark.

References:
[1] https://www.marketbeat.com/instant-alerts/filing-russell-investments-group-ltd-increases-holdings-in-ing-group-nv-ing-2025-08-25/
[2] https://finance.yahoo.com/news/pre-stabilisation-announcement-075900672.html