Fiat Launches 200 million Euro 2- Year Bond
* Private Placement Bond to pay 5.75 percent coupon
* Aimed at professional retail investors
* Fiat shares up 0.83 percent (Adds details, shares)
Milan, Italy Private Placement – The Italian industrial group Fiat SpA has launched a private placement of 200 million euros ($286.4 million private placement) of two-year bonds to professional retail investors, sources close to the operation said on Monday.
The bonds will carry a 5.75 percent coupon and are being priced at about 102, corresponding to a 5 percent yield, the sources said. They said the operation was being organised by Swiss bank UBS AG (UBSN.VX).
“You are dealing with a private placement aimed at non-institutional investors, so it’s a type of retail investor but one that is qualified,” a source said.
The issue is aimed at qualified Swiss investors and minimum subscription is for 50,000 euros, a source said.
Last November, Fiat sold to institutional investors a 1.5 billion euro bond with a 2015 expiry and a 6.875 percent coupon.
In December, Standard & Poor’s head of corporate research Paul Watter told Reuters that high-yield issues in 2010 could be greater than in 2009 even though the overall volume of corporate bonds was likely to fall. http://www.reuters.com/article/idUSLDE60A15020100111?type=swissMktRpt
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