Pirelli gets good traction for first unrated deal of 2018

On Monday, Italian tyre company Pirelli returned to the bond market for the first time since its IPO. With no other investment grade deals in the market, the new five year transaction saw strong investor demand and 40bp of tightening from initial price thoughts.

  • By Nigel Owen
  • 22 Jan 2018
The company’s IPO completed in October 2017 and valued Pirelli at €2.6bn after ChemChina took it private in 2015. The issuer’s last bond was sold before, when it printed a €600m five year transaction in November 2014. That deal followed its debut in the currency in February ...

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