Italian supermarket Esselunga sweeps all before it — including BTPs
Is this bond expensive or are BTPs cheap? That was the question investors considering Wednesday’s debut corporate bond issue from Italian supermarket chain Esselunga had to answer. But there was more to come as an Italian high yield borrower also raised funds at sub-2% writes Nigel Owen.
Not only did Esselunga achieve pricing 8bp-10bp tighter than the Italian government bonds of equivalent maturities, but it also built combined order books of €9.2bn to enable it do so. The pricing was further verified by tightening 8bp-10bp in the 24 hours following the pricing of the deal.
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