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Juventus enters international bond market

Italian Serie A football club Juventus has entered the international bond market for the first time with the placement of a €175m ($197.3m) non-convertible bond that is due in February 2024.

The notes are to be issued at a price of 99.436 per cent and will pay a fixed annual coupon of 3.375 per cent. Juventus said the successful transaction attracted orders for an amount in excess of €250m, receiving demand from Asia, Germany, France, the UK and Italy.

The Turin giant’s debts stood at €310m as of June and the club said in a statement: “The purpose of the issuance is to provide the company with financial resources for its general corporate purposes, streamlining the structure and the maturity of the debt.”

The Bloomberg news agency said Juventus barely changed the pricing in its five-year debt sale, with the orderbook no more than 50 per cent larger than the €175m deal size. Bloomberg added that the final yield of 3.5 per cent was in line with the initially marketed target range.