Released from constraint by JV extension, FGA Capital sells €750m five year blowout

FGA Capital, the car finance joint venture between Crédit Agricole and Fiat, sold a €750m bond on Thursday that enjoyed unusually strong demand thanks to the draw of a near-300bp spread and the company's liberation to borrow at longer maturities.

  • By Stefanie Linhardt
  • 11 Oct 2013

The five year bond was substantially longer than its recent issues of 1-1/2 to two years and attracting around €4bn or orders, one of the biggest books for a European corporate bond in recent weeks.

FGA until recently could only issue shorter bonds, because the joint venture agreement between ...

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2 Barclays 633 1 14.82
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4 Citi 467 1 10.94
5 Morgan Stanley 455 1 10.66

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