AFTER TWO ACQUISITIONS, A SUBSEQUENT DOWNGRADE, the process of integrating those groups and numerous discussions with rating agencies over where the group was headed, Tesco was ready in November 2002 to launch the multi-currency bond it had first discussed in April of that year. It was a risky choice, with markets almost closed for Christmas and a relatively rough year for bonds in general. But launch they did, to a very strong reception and at tight pricing.
