Milan airport unrated debut flies on infra bid

SEA Milan Linate airport for new website
By Jon Hay
16 Apr 2014

SEA, the Italian company that operates Milan’s Linate and Malpensa airports, issued its first bond on Monday, a €300m unrated issue. The deal showed the strength of demand for airport bonds, of which there have been three within a week.

“People love them,” one banker said. “They’re infrastructure with a bit of spread. Investors have really come to appreciate them since the days when Heathrow was issuing a lot of debt and it was a bit of a drag.”

Bookrunners BNP Paribas, Mediobanca and Morgan Stanley had taken ...

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