The Name Is Bond.
Bernie Ecclestone has finally managed to secure the issue of the Eurobond designed to finance the future flotation of Formula One.
Although the bond has only been issued after an eight month delay, and suffered the downscale of both its value and duration (to $1.4billion and 10 years respectively), it has secured an 'A' rating from four debt-rating agencies - including Standard and Poors, whose initial refusal to grant equivalent status to the original $2billion issue caused the delay.
Bernie Ecclestone has finally managed to secure the issue of the Eurobond designed to finance the future flotation of Formula One.
Although the bond has only been issued after an eight month delay, and suffered the downscale of both its value and duration (to $1.4billion and 10 years respectively), it has secured an 'A' rating from four debt-rating agencies - including Standard and Poors, whose initial refusal to grant equivalent status to the original $2billion issue caused the delay.
According to Ecclestone, the issue was a result of the City finally deciding that Formula One "was not a mystery, but a business". He also insisted that it would not have happened without the appointment of Westdeutsche Landesbank as partner to the Morgan Stanley bank as joint lead managers for the issue.
"They're a smaller bank than Morgan Stanley, and had more motivation to get it done," Ecclestone said.
