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Lottomatica turns to hybrid debt

Italian gaming group Lottomatica has mandated Credit Suisse, Deutsche Bank and Mediobanca to arrange a Eu300m hybrid bond, making it the first European company from outside the utilities sector to turn to the product this year. Moody’s will rate the deal Ba2, making it a rare sub-investment grade hybrid note. Pricing is expected next week. Turn to EuroWeek on Friday for details.

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