FGA sells another €4bn-book blowout, this time 4yr

By Jon Hay
20 Jan 2014

FGA Capital, the car finance company owned by Fiat and Crédit Agricole, showed the hot temperature of January’s European corporate bond market by attracting a €4.5bn book for its latest bond issue on Friday, despite being put on review for downgrade to junk by Moody’s two days earlier.

FGA is rated Baa3/BB+/BBB- and is seen as an Italian credit. Moody’s review for downgrade followed its decision to review Fiat’s Ba3 corporate family rating for downgrade, because FGA’s business model is tied to Fiat’s.

The finance company’s funding had become constrained until last year, because Fiat and ...

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