Titan places €150M in bonds at 3.5%, demand nearly three times the offering
Titan Global Finance Plc, a subsidiary of the cement manufacturer, set the price on October 21, 2026 for an additional bond issuance which, according to the press release published on October 22, 2026, generated demand close to three times the targeted amount. The group, listed on Euronext Brussels, Paris and Athens, presents the transaction as a step in supporting the execution of its strategy.
A 2031 series increased to €500M with a coupon of 3.5%
The €150M in new guaranteed bonds, carrying a coupon of 3.500% and maturing on February 4, 2031, will be assimilated into the €350M series issued by Titan Global Finance Plc on February 4, 2026. The total outstanding amount of this single series will thus be increased to €500M. The securities are guaranteed by Titan SA and were issued with a credit spread of 100 basis points above the mid-swap rate. According to the group, investors maintained their interest until the final price was set, despite the tightening of conditions. Settlement is scheduled for October 26, 2026. The issuer will also submit an application for admission of the bonds to trading on Euronext Dublin, within the Global Exchange Market.
An issuance backed by the new investment-grade rating
The transaction follows the upgrade announced on October 6, 2026 by S&P Global Ratings of the group's long-term issuer credit rating from BB+ to BBB-, with a stable outlook. Fitch Ratings assigns a rating of BB+, with a positive outlook. Chief Financial Officer John Ioannou linked the demand recorded to "investor confidence" and the group's recent achievement of this rating. He added that the transaction "further strengthens our financial flexibility" and supports the execution of the Titan Forward 2029 plan as well as the group's growth ambitions. BNP Paribas and HSBC acted as joint global coordinators, alongside AXIA, Eurobank, National Bank of Greece and Piraeus Bank, joint book runners.
