LONDON, March 9 (IFR) - Demand for Ferrari's inaugural euro-denominated bond issue is in excess of 2.25bn according to a lead, allowing the lead managers to substantially tighten price guidance.
The Italian sports car maker began marketing an expected 500m seven-year transaction at mid-swaps plus 160bp area on Wednesday morning. This level has now been revised to mid-swaps plus 145bp area.
The trade, which will not be rated, is expected to be priced later today.
Joint bookrunners are BNP Paribas, Citi and JP Morgan, and other bookrunners are Banca IMI, Bank of America Merrill Lynch, Credit Agricole, Mediobanca, Societe Generale, UBS and UniCredit.
Reporting By Laura Benitez