Mercialys issues 2033 bonds with 5.25% coupon, above its existing debt
The transaction, announced by press release on the evening of October 27, 2026, occurred as the French sovereign risk premium came under significant pressure since the summer.
For the real estate company, this resulted in a credit spread exceeding that of its existing bonds, just days after the confirmation of its rating by S&P Global Ratings.
A 5.25% coupon to refinance anticipated maturities in 2027 and 2029
Mercialys issued bonds maturing in January 2033 with an annual coupon of 5.25%. The credit spread on the issuance stands at 220 basis points, compared to an average spread of 180 basis points for the company's existing bonds.
The press release places the transaction in an environment where the 10-year OAT yield exceeded 5% the previous week, for the first time since 2002. The issuance was fully converted to floating rate through a swap, with an immediate cost of 4.8%.
According to the company, the transaction strengthens its liquidity and extends the average maturity of its debt, which stood at 3.8 years on June 30, 2026. It finances its general needs, notably the anticipated redemption of bond maturities in November 2027 and February 2029.
Crédit Agricole CIB, BNP Paribas and Natixis acted as global coordinators and bookrunners. CIC, La Banque Postale and Société Générale acted as bookrunners.
BBB rating confirmed by S&P, visitor traffic up 5.9% in October
On October 23, 2026, S&P Global Ratings confirmed Mercialys' credit rating at BBB, stable outlook. The agency anticipates operational performance that will remain resilient over the next 24 months, supported by positive indexation and merchant sales performance.
During October, visitor traffic to the real estate company's sites increased by 5.9% to date. Over the period from October 17 to 26, which includes two weekends of demonstrations, the increase reaches 5.1%, with all sites remaining open without material damage.
At the end of September, visitor traffic was up 5.4% on a constant perimeter basis, which is 420 basis points above the national Quantaflow panel. Merchant sales were up 3.0%, compared to 0.2% for the national FACT index.
In its activity update published on October 15, 2026, Mercialys confirmed its objectives for the 2026 fiscal year.
