Piaggio’s exchange whizzes as 2021 gets minimum yield

Piaggio, the Italian motor scooter maker, increased its seven year high yield bond from €200m to €250m and priced it with the minimum yield announced on Monday, as part of an exchange offer.
From guidance of 4.75% area, the Ba3/BB- rated 2021 bond was priced at 4.625% at par.
“It went extremely well and was heavily oversubscribed,” said a banker close to the deal. “People were expecting there to be a very tight number of bonds on offer and because we ...Already a subscriber? Login