On March 30th, Crédit Agricole CIB acted as joint lead manager and bookrunner in Prysmian’s inaugural unrated Eurobond issue.

Prysmian S.p.A. successfully placed a EUR 400 million 5-year unrated Eurobond issue. The deal was priced at a coupon of 5.25% to yield 290 basis points over 5-year midswaps.

Prysmian is a global leader in the cables manufacturing sector, with a widespread international presence. This transaction marks the company's debut in the bond markets. Also, Prysmian achieves precious diversification of funding sources in light of future investments, and lengthens the average maturity of its indebtedness.

The transaction was preceded by an extensive roadshow, organised by Crédit Agricole CIB, on which the issuer contacted 70 investors in 3 cities (Paris, London, Milan). The deal met with strong international demand, with close to 300 institutional investors and orders of ca EUR 2.7 billion in the final book. Over 75% of the deal was allocated to non-domestic, high quality real money investors.

The large component of non-domestic distribution and the overall level of oversubscription underpin the strong appeal of this debut issue to the international community. It also bode well for a future return of the company to the Euromarket.

This mandate reinforces Crédit Agricole CIB's position within Prysmian's core banks.