Italian payments firm ICBPI was set to price a jumbo €1.1bn PIK toggle deal as IFR went to press on Friday, overturning expectations on the possible scale for such a racy instrument in a niche sector. Leads set price talk on the 5.5-year PIK toggle deal on Friday, with talk on the fixed tranche at 8% to 8.25% and on the FRN at Euribor plus 800bp at 99. The fixed tranche will be €850m to €900m, while the FRN will be €200m to €250m. Books closed at 1630 GMT for pricing later in the day. This is a touch wider than the high 7% whispers heard earlier in the week, but market participants said it was still an impressive result.
展开▼
