Fallen angel Finmeccanica draws IG accounts to €700m bond

Finmeccanica, the Italian aerospace and defence firm, on Tuesday sold its first bond since it was downgraded to high yield by all three agencies. The €700m long seven year bond still mainly attracted investment grade investors, said a banker.

  • By Stefanie Linhardt
  • 29 Nov 2013
The Ba1/BB+/BB+ rated January 2021 deal was priced with a 4.5% coupon to yield 4.75%. The transaction was 4.7 times oversubscribed, with a €3.3bn book from over 400 investors. Moody's was the last agency to cut it to junk in September. Fitch cut its rating in June and ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 2,007 6 16.61
2 Goldman Sachs 1,798 4 14.88
3 BNP Paribas 1,434 4 11.87
4 Barclays 1,097 2 9.08
5 Morgan Stanley 1,094 2 9.06

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1 Citi 20,542.69 67 10.85%
2 JPMorgan 18,820.53 50 9.94%
3 Bank of America Merrill Lynch 17,976.22 56 9.49%
4 Wells Fargo Securities 16,568.24 48 8.75%
5 Barclays 13,499.53 45 7.13%