Record Generali deal inspires strong reactions
Insurer Assicurazioni Generali sold Eu1.75bn of 15 year bonds this week, the largest unsecured deal in this tenor ever priced by a European financial institution and the largest senior unsecured deal in Italy this year.
Calyon, Mediobanca and Morgan Stanley sold the bonds at 130bp over mid-swaps, 5bp inside guidance, and attracted more than Eu6bn of orders.
However, the strong demand prompted some bankers to suggest that the deal was too cheap.
"Its super-cheap," said one. "I saw their 2014s at about 85bp over. The
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