Ferrari and Southern Water Services roar through high grade market

By Mike Turner
20 May 2020

Italy’s Ferrari in euros and the UK’s Southern Water Services in sterling won strong demand for new bonds on Wednesday, but the slowdown in issuance has got some syndicate officials wondering if the market is already winding down for summer.

The two trades garnered plenty of investor interest, with unrated luxury car maker Ferrari seeing books of €3.3bn for a €650m May 2025 bond, but the noticeable fallout in deals as the week has gone on has raised eyebrows in some parts of the market.

“I would have expected ...

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