Commentary & Deal Flow

Pricing of the split-rated deal on the calendar Immobiliare Grande Distribuzione SIIQ SpA (IGD) is now expected next week. Marketing of an inaugural EUR350m 5y Reg S green sr note deal rated NR/BB+/BBB- (stable/stable) via BNP/MS jt glocos/Banca Akros/Citi/GS/Mediobanca/MPS Capital Services/UniCredit jt books, which began on Wednesday, concluded yesterday with over 90 investors engaged through small group calls and the Dealroadshow. Execution of the deal could be as early as Monday next week, subject to market conditions. The balance of investor feedback so far is in the mid-to-high 3s. Biz: one of the largest listed real estate companies in Italy specialising in shopping centres and retail galleries. HQ: Ravena, Italy.