Grecale Italian SME securitization enjoys stellar demand

Italy_Fotolia_230x150
By Bill Thornhill, Sam Kerr
02 Nov 2017

Investors piled into Unipol Banca's Grecale 2017 SME ABS on Thursday which was heavily oversubscribed with a barely positive yield.

The €508.2m class ‘A’ notes, which were the only bonds on offer, were priced at a final spread of 34bp over three month Euribor and were 2.7 times subscribed. Three month Euribor is hovering around minus 0.331%, so the notes barely offer a positive yield.

The order book ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.