Bond issue
AMCO ANNOUNCES A LONG 5-YEAR SENIOR UNSECURED BOND ISSUANCE OF €600 MILLIONTHE TRANSACTION WAS WELL-RECEIVED BY ABOUT 80 INSTITUTIONAL INVESTORS WITH AN ORDER BOOK OF ABOUT €800 MILLION
Milan, October 1st, 2019. Yesterday evening AMCO S.p.A. –former SGA S.p.A.– successfully priced a new long 5-year senior unsecured bond, with a total principal amount of €600 million, thus achieving a benchmark size. The transaction represents the second ever bond issuance by AMCO, who aims to build a stable investor base in the coming quarters.
The bond was priced with a fixed coupon of 1.375%, and an issuance price of 99.374%. Settlement is expected to occur on October 7th, 2019. The notes will be listed on Luxembourg Stock Exchange’s Regulated Market. The maturity date is January 27th, 2025.
The bond, reserved to institutional investors, was issued under the AMCO’s Euro Medium Term Note Programme and has expected ratings of BBB (Standard & Poor’s) and BBB- (Fitch).
The transaction, with an order-book of c.€800 million from c.80 institutions, was well-received amongst investors and saw main participation from banks (roughly 52% of the total) and asset managers (36%) from Italy and other European countries.
Deutsche Bank, Morgan Stanley, Societe Generale, UniCredit and UBS Europe SE acted as Joint Bookrunners of the offering.
