Hammerson (LSE:HMSO), the shopping centre owner and operator, priced a £250m bond maturing on 8 June 2033, carrying an annual coupon of 5.875%.
The offering was more than four times covered, with peak demand exceeding £1.1bn.
Hammerson simultaneously entered interest rate swaps converting the fixed coupon into a floating rate of SONIA plus 131 basis points, producing a net initial rate of 5.04%.
That swap cuts the proportion of the group's gross debt held at fixed rates to 84%, down from 95% reported at its 2026 half-year results.
The new bond builds on cash holdings of £500m as of 30 June, ahead of the €700m 1.75% sustainability-linked bond maturing in June 2027.
Hammerson maintained its full-year EPRA earnings guidance of approximately £132m.
Fitch Ratings is expected to assign the new bond an A- rating, matching Hammerson's existing senior unsecured debt rating, while Moody's is expected to rate it Baa1.
News Intelligence what this means for the company
Hammerson priced a £250m seven-year bond at 5.875% fixed, converting it via interest rate swaps to a floating rate of SONIA+131bps (5.04% initially), reducing its fixed-rate debt proportion to 84% from 95%. The bond was heavily oversubscribed at 4x coverage, and lands ahead of a €700m sustainability-linked bond maturing in June 2027, positioning the group to manage near-term refinancing while maintaining FY26 EPRA earnings guidance of approximately £132m.
The refinancing extends Hammerson's debt maturity profile and locks in a floating-rate position at a time of uncertain rate direction, but does not materially alter the group's leverage trajectory or earnings outlook. The strong demand signals confidence in the credit, though the shift to floating-rate exposure introduces interest-rate sensitivity going forward.
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