Rare Pirelli draws even central banks

By Jon Hay
13 Nov 2014

Pirelli, the Italian tyre producer, launched its first bond for two years on Thursday, and its first in euros since February 2011, and achieved a tremendous blowout, with a book of well over €5bn before reconciliation.

That might suggest the deal had been priced too widely to begin with – and the leads were certainly able to tighten it a long way – but bankers at the leads said it had more to do with the rarity of Pirelli, its perception as a strong ...

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