99.50 Seat surprises traders, relief for underwriting banks

19 Dec 2003

The Eu3.2bn leveraged loan for Seat Pagine Gialle defied negative market talk after it was finally freed to trade last Friday.

Following expectations that the deal would trade outside the 170bp up-front fee, some dealers bid about 97.50 soon after it broke but did not find sellers.

It was not until bids reached the ...

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