Italian supermarket prices inside BTPs after Moody's reports on sector
On Wednesday, Italian supermarket chain, Esselunga, became the first non-utility issuer to sell a benchmark corporate bond since Iliad’s €650m deal on October 5. The company’s debut deal saw one tranche priced at a lower yield than Italian government bonds.
Last week, Esselunga mandated Banca IMI, Citi, Mediobanca and UniCredit to arrange an investor roadshow which straddled the weekend. Investors were told the Baa2/BBB- rated company would offer an inaugural single or dual tranche euro transaction with maximum 12 year maturities.
On Wednesday morning, the lead
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