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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3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

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