Autostrade follows TIM’s break through fair value

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By Owen Sanderson
12 Jan 2021

Autostrade per l’Italia, the Italian motorway group, is marketing a nine year unsecured bond through Morgan Stanley, capitalising on the strong demand demonstrated by TIM’s eight year issue on Monday, which came through fair value on a €3.9bn book.

The company, a subsidiary of Atlantia, was offering benchmark-sized nine year unsecured bonds at a spread over mid-swaps of 250bp, similar to the swaps plus 255bp-260bp starting level on TIM's (formerly Telecom Italia) deal on Monday.

While the companies operate in very different sectors, both sit in the sweet ...

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