Fiat Finance gets Eu1bn

Fiat Finance & Trade was set to issue a Eu1bn five year crossover bond on Tuesday afternoon, having enticed investment grade and high yield accounts to buy the deal.

  • 29 Mar 2011

The company, rated Ba1/BB/BB+, will price the bond to yield 6.375%, about 335bp over swaps. Whispers were 6.5%-6.75% and guidance at the tight end of that range.

Banca IMI, Barclays Capital, BNP Paribas, Crédit Agricole and UniCredit led the transaction, which has investment grade, rather than high yield, documentation.

But ...

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