Fiat has successfully closed and listed the new 1 billion euro bond issue due to mature in November 2011 that it announced and opened at the beginning of this month. By the time it was priced on 5th May Fiat CEO Sergio Marchionne revealed that it had been 'oversubscribed' emphasising the return to favour that the Fiat Group has made with investors.

The 1 billion euro new bond offering was closed to investors on 12th May, and yesterday it was announced that it has also been successfully admitted to list on the Irish Stock Exchange.

"On May 12, 2006 it had successfully closed its offering of €1 billion in principal amount of 5.625% of Senior Notes due 15 November 2011, which had priced on 5 May 2006," read a statement issued by the Fiat Group yesterday. "The Notes, which have been issued by Fiat Finance and Trade Ltd. société anonyme, a wholly-owned subsidiary of Fiat S.p.A., under the €15 billion Global Medium Term Note Programme and are guaranteed by Fiat S.p.A., have been rated Ba3 by Moody’s Investors' Service, BB- by Standard & Poor’s Ratings Services and BB- by Fitch Ratings, in line with the agencies' current ratings on Fiat Group's long-term debt.
 

"The Notes have been admitted to listing on the Irish Stock Exchange. The Notes are only being offered and sold outside the United States to institutional investors that are non-U.S. persons under Regulation S and have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any other securities laws. The Notes may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements," the Fiat Group statement concluded.

Meanwhile it was recently revealed that Fiat Group Chairman Luca Cordero di Montezemolo acquired 88,000 Fiat ordinary shares at a price of 11.27 euros per share, after the Group’s first quarter results were disclosed. Fiat CEO Sergio Marchionne also made significant share purchases last year.