Sanoma exploits Finnish demand to sell €400m unrated deal

13 Mar 2012

Yesterday’s deals by newly rated Heineken and Luxottica may suggest that European companies will increasingly choose to get ratings if they want to issue bonds, but Sanoma, the Finnish media group, showed that there is certainly still demand for unrated paper, even from a debut issuer.

After a roadshow last week, organised by BNP Paribas, ING and Nordea, the three banks today launched a €300m five year bond. Sanoma is unrated but its website says that it wants to “regain a capital structure corresponding to an investment grade company profile”, implying that at present ...

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