Manutencoop drops floater, sells only €425m of fixed rate bonds

By Stefanie Linhardt
29 Jul 2013

Italian facilities management business Manutencoop priced its high yield bond on Friday, but dropped a planned FRN and sold the whole deal fixed rate. The issue was reduced from €450m to €425m.

"The amount of loan supply at the moment meant that we didn't get enough engagement out of the big CLO participants [on the floating rate note piece]," said a banker close to the deal. "Part of it was also speed of execution — some of the loan guys ...

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