A2A breaks long end yield record for Italian corporates, Blackstone prices

By Mike Turner
22 Oct 2020

A2A, the Italian multi-utility, pre-funded for 2021 with a €500m trade on Wednesday, getting what the lead manager said was the lowest yield for a deal of its type. The company is preparing a new business plan that will see it printing more green and sustainability-linked debt.

A2A, rated Baa2/BBB, opened books on a €500m no-grow October 2032 trade via sole lead Goldman Sachs at 92bp-95bp over mid-swaps.

“We got quite a wide range [on fair value] from the different banks we contacted,” said Andrea Crenna, A2A's chief financial officer. “Like 25bp-30bp min to max”.

The issuer ...

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