SARDINIA this week became the first of what is expected to become a growing number of Italian regions and municipalities to launch a public Eurobond -- but most bankers involved in the deal said that the new asset class had made an inauspicious start. The $460m 10 year deal, on which Chase Manhattan was bookrunner and Crediop and Mediocredito Centrale were joint leads, was criticised by syndicate members as being too tight and for incorporating an amortising structure which limited the investor base.
December 05, 1997