Luxottica shades it as Italians get busy
Italian borrowers provided the bulk of European corporate bond supply in the first half of the week. Luxottica, the sunglasses maker and owner of Ray-Ban and Oakley, sold a debut Eurobond, while Edison, the country’s second biggest utility, priced a Eu600m seven year deal a day after being downgraded by Standard & Poor’s.
Luxottica, which is unrated, has mostly funded itself in the US private placement market, given that 60% of its revenues come from North America. But it wanted to tap euro investors to diversify its funding base and lengthen its maturities.
The company went on a four-day roadshow last month,
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