Leonardo has sold new bonds for a total amount of half a billion euros, against a demand that exceeded supply by four times. The issue, intended for institutional investors only, matures in five and a half years (January 2026) and predicts a fixed rate coupon of 2,375% (payable annually in arrears). The group made it known in a note, specifying that the issue price is equal to 98,933%. The securities will be listed on the Luxembourg Stock Exchange. Leonardo will use the resources guaranteed by the bond to refinance some maturing loans, extending the average life of the debt.
"The new bond issue testifies to the solidity of Leonardo's credit rating on the financial market, even in an exceptional period like this - commented the group's CEO, Alessandro Profumo – Leonardo continues its commitment to pursuing a disciplined financial strategy, in line with the objectives of the Business Plan, with the ultimate goal of creating value for all stakeholders".
Leonardo's credit rating is Ba1 by Moody's (Outlook Stable), BB+ by Standard & Poor's (Outlook Stable) and BBB- by Fitch (Outlook Negative).
The transaction was led by Banca IMI, Bnp Paribas, Credit Agricole, HSBC, Société Générale, Unicredit, Banca Akros, NatWest Markets and Ubi Banca as joint bookrunners. Bnp Paribas and Crédit Agricole Cib performed the role of documentation and structuring banks in parallel.
Also Inwit launched a new bond. The tower company controlled by Tim and Vodafone has placed bonds for one billion, obtaining requests for 4,25 billion. The maturity of the securities is fixed at July of the 2026, while the yield it was set at a spread of 220 basis points above the midswap rate (initial guidance of 260-270).
Bnp Paribas and Mediobanca acted as global coordinators, while Banca Akros, Banca Imi, BBVA, Bnp Paribas, BofA Securities, Credit Agricole CIB, HSBC, Mediobanca, Smbc Nikko and Unicredit acted as joint bookrunners.
