London, February 15, 2026, 15:15 GMT — The market has closed.
- M&S wrapped up Friday at 399.1 pence, shares ticking up ahead of the weekend.
- The deadline for a company bond tender hits Monday, narrowly preceding the release of UK jobs and inflation figures.
- Investors are reassessing rate bets following renewed signals from the Bank of England resisting additional cuts.
Marks and Spencer Group plc ended Friday’s session at 399.1 pence, ticking up 0.35%. London’s markets are closed Sunday, and traders are bracing for a week packed with rate decisions. (Investing)
The next big event for the company isn’t happening in-store—it’s in the debt markets. M&S has announced its tender offer for £250 million in 3.250% notes maturing July 2027 will close at 4:00 p.m. London time on Monday. Pricing comes Tuesday, and they’re aiming to settle on Thursday, though that’s still subject to a “New Financing Condition.” (TradingView)
Not much room on the macro calendar this week. UK jobs numbers hit at 7:00 a.m. Tuesday, then CPI lands Wednesday, also at 7:00 a.m.—both have the potential to jolt retail stocks that react sharply to shifts in wages and borrowing costs. (Office for National Statistics)
Shares opened at 398.0 pence on Friday, with roughly 11.7 million changing hands, according to data from the London Stock Exchange. (London Stock Exchange)
M&S is making a move on its shorter-term debt. The company said in a redemption notice it plans to pay off its entire outstanding batch of sterling 3.750% notes set to mature in May 2026, with the redemption happening March 3. Investors will get the face value and any interest accrued up to that point. M&S also intends to scrap the notes’ listing and trading admission around the same time. (TradingView)
A tender offer amounts to a bond buyback for cash. This time, the price uses a benchmark UK government bond yield, tacking on a 40-basis-point spread. (A basis point equals 0.01 percentage point.) If bonds are redeemed “at par,” investors get the full face value.
Coming off last week, the UK market showed some backbone. The FTSE 100 closed up 0.4% on Friday—its third weekly rise in a row—buoyed by deal chatter and building expectations for a rate cut, which together seemed to outweigh anxiety over fresh AI technology shaking up parts of the global market. Economic data pointed to a 0.1% GDP uptick for Britain in the fourth quarter, with traders now putting the odds of a 25-basis-point Bank of England cut in March at 63.4%. (Reuters)
The Bank of England itself dented that bet. Chief Economist Huw Pill remarked that UK rates seem “a little bit too low” given underlying inflation is sticking close to 2.5%. He likened the outlook for wages and prices to a “shallow saucer,” not a smooth descent to the target. (Reuters)
The Bank Rate sits at 3.75%. Next up, the BoE announces its decision on March 19. (Bank of England)
M&S isn’t the only stock traders are watching. Shares of UK retailers like Next, Tesco, and Sainsbury’s often react to shifts in interest-rate outlooks—regardless of what’s actually happening in their aisles.
Still, things could unravel quickly this week. A stronger-than-expected CPI or sticky wage data would knock rate-cut bets back, putting pressure on consumer names. In the debt market, the risk ramps up if sentiment sours on new deals—planned liability shifts could get delayed or see terms change.
M&S shareholders are watching two key moments: Monday’s tender deadline—along with immediate signals on funding costs—comes first. Next, there’s a hard date for the main event: full-year results land May 20. (Marksandspencer)
