A new bond in euro, with a benchmark size and a duration of five and a half years. This is Peugeot's latest move in the debt market. The placement operation, according to what was learned from the operations rooms, began this morning and is managed by a pool of banks made up of Bnp Paribas, Credit Agricole, Natixis, Société Général and HSBC.
Due to the issuer's low rating (Bb- for S&P and B1 for Moody's), the security should pay a coupon of around 6%. The new Peugeot bond, the operators noted, essentially pays a yield in line with that recognized by Fiat securities (around 5,5% on the 2018 maturity and around 6% on that of 2019). The issuers, they point out, have the same merit assessments even if the feeling prevails that the French automotive group has more need to return to the debt market than the Italian one
