FGA swoops in with Eu500m debut
FGA Capital, an Italian auto lender, priced a Eu500m debut bond on Wednesday afternoon, only the second corporate deal in euros this week. The company, a joint venture between Fiat and Crédit Agricole, issued the two year note at 190bp over mid-swaps, a yield of about 4.1%.
Banca IMI, Crédit Agricole and Royal Bank of Scotland led the deal, rated Baa3/-/BBB+ and for which guidance was in the plus 195bp area. The order book totalled Eu1.8bn.
FGAs bond offered a hefty premium to other similarly-rated auto lenders, such as RCI Banque and Banque PSA. The two
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