Piaggio’s exchange whizzes as 2021 gets minimum yield

Piaggio Vespa for GC web
By Stefanie Linhardt
16 Apr 2014

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 ...

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