The placement of the benchmark bond got underway this morning seven years of State Railways, which, at least according to the "price guidance", will correspond to a premium between 278 and 288 basis points on the midswap, for a yield of around 4,10-4,20%.
Compared to expectations, for the moment, the collection of orders is proceeding slowly, held back above all by the downgrade of the sovereign debts of France and Italy. The issue, which will serve to raise the resources necessary for the development of the high-speed network, is managed by a pool of banks made up of Credit Agricole Cib, Deutsche Bank, JP Morgan, UniCredit, Bnp Paribas, Banca Imi and Société Générale . FS has already announced that another one will follow next autumn.
