SACE sub debut a stellar success despite its unique structure and credit

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SACE sub debut a stellar success despite its unique structure and credit

Italy’s Servizi Assicurativi del Commercio Estero (SACE) made a last minute appearance in last week’s primary FIG market, pricing a €500m perpetual non-call 10 year subordinated bond at 25bp lower yield than where initial price thoughts were set despite uncertain secondary markets and an ostensible lack of comparables.

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