L'Oréal Issues 2 Billion Euros in Bonds Across Three Tranches
The Paris-based cosmetics group announced on September 24, 2026, that it has set the terms for a 2 billion euro bond issuance. The operation, structured in three tranches with different maturities, is intended for the company's general corporate purposes.
Three Tranches of 2, 3 and 7 Years with Detailed Terms
The issuance comprises three distinct tranches. The first, in the amount of 850 million euros maturing in 2 years, bears a floating rate coupon, with a coupon set at 3-month Euribor plus 27 basis points per annum.
The second tranche, of 500 million euros maturing in 3 years, carries a fixed rate coupon of 3.75% per annum. The third, of 650 million euros maturing in 7 years, carries a fixed rate coupon of 4.00% per annum.
According to L'Oréal, the net proceeds will be used for the company's general corporate purposes.
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The bond is expected to be rated AA (stable outlook) by S&P and Aa1 (stable outlook) by Moody's. It will be admitted to trading on Euronext Paris as of the settlement date, scheduled for September 30, 2026.
BNP Paribas, HSBC and Société Générale act as global coordinators. Crédit Agricole CIB, Deutsche Bank, ING, Santander and Standard Chartered Bank AG act as active joint bookrunners.
L'Oréal will deliver another year of growth in sales and profit, whilst strengthening our global leadership
Risks mentioned
Mexico market facing challenges with Consumer Products Division experiencing air pocket from commercial issues and temporary supply chain disruptions in makeup
Currency fluctuations creating headwind with negative impact of -1.2% at end of September 2026
Geopolitical situation and customs clearance issues impacting GCC cluster in SAPMENA-SSA region
Opportunities identified
E-commerce growing around +17%, significantly ahead of the online market
Strong momentum in skincare accelerating across all divisions, led by ultra-premium and medical beauty
Emerging markets, particularly SAPMENA-SSA, delivering exceptional double-digit growth with strong India momentum
Outlook / guidance
Management commentary: Our performance in the first nine months gives me confidence that L'Oréal will deliver another year of growth in sales and profit, whilst strengthening our global leadership.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
