Ferrovie dello Stato has issued bonds worth 1 billion euro against a demand that has approached 1,9 billion. Faced with strong demand, the issuer that had set a benchmark funding target first raised the funding bar to at least 800 million and then definitively set it at 1 billion.
The final spread was set at 105 basis points above the midswap, 15 points less than the initial guidance. The auction was managed as joint bookrunners by a pool of banks made up of Barclays, Bnp Paribas, Cre'dit Agricole Cib, Deutsche Bank, Goldman Sachs International, JP Morgan and UniCredit. The issue is part of the 4,5 billion euro emtn program updated on 13 June 2017. The group is rated BBB- by S&P and BBB by Fitch, in both cases with a stable outlook.
