Ferrari launches a five-year bond, 650 million issue

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Ferrari is moving towards issuing a five-year unsecured bond. The proceeds will be used for the “general needs” of the group

by Andrea Biondi

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(USA TODAY NETWORK)

Ferrari is moving towards issuing a five-year unsecured bond. The proceeds will be used for the “general needs” of the group

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Ferrari issues a five-year unsecured bond. The Casa del Cavallino closed the unsecured benchmark bond issue announced on the morning of Wednesday 20 May. The Casa di Maranello had launched the operation for an amount of 500 million euros but, with a final request of over 3.3 billion euros, the issue will be 650 million.

The bond launched this morning at 5 years (expiring May 27, 2025) sees a yield of 200 points on the Midswap (this morning the yield indications were 260 points on the Midswap). The proceeds will be used “for the general needs” of the group.

The issue will entitle the holder to receive an annual coupon of 1.5%. Joint Bookrunners of the transaction are Banca Imi, Barclays, BNP Paribas (B&D), BofA Securities, Goldman Sachs International, J.P. Morgan, UniCredit.



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