Do Italian supermarkets need even cheaper funding?

By Nigel Owen
19 Oct 2017

This week, Esselunga, a 60 year old Italian supermarket chain issued its debut corporate bonds. It is rated Baa2/BBB-, the same as its own government.

Cartoon_1527_EsselungaThe €500m six year tranche was priced with a yield of 0.999% and the €500m 10 year tranche with a yield of 1.954%. These were 10bp and 8bp respectively tighter than the Italian government bonds of the same ...

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