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Tesco sets size on euro, sterling bonds -IFR

LONDON, Feb 17 (Reuters) - Tesco Plc TSCO.L, Britain's biggest retailer, has tightened guidance and set the sizes on its planned three-tranche bond issue, IFR reported on Tuesday.

The six-year euro bond will be 600 million euros ($759 million), with guidance now mid-swaps plus 235 basis points.

This is tighter than initial guidance of mid-swaps plus around 250 basis points, said IFR Markets, a Thomson Reuters online news and market analysis service.

The two sterling bonds will be a 600 million pound ($849 million) five-year issue and a 900 million pound 13-year issue, IFR said.

Guidance on the five-year bond is gilts plus 250 basis points, tighter than initial guidance of gilts plus 255-265 basis points.

Guidance on the 13-year is gilts plus 250 basis points, also tighter than initial guidance of gilts plus 255-265 basis points, IFR said.

Tesco has appointed BNP Paribas, Citigroup, Deutsche Bank and J.P. Morgan to manage the issue, IFR said.

Tesco, rated A- by Standard & Poor’s, A3 by Moody’s Investors Service and A- by Fitch Ratings, plans to use the proceeds to refinance some short term debt. (Editing by Dan Lalor)

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