Europe's largest high yield bond issue in euros to back last year's management buy of Seat Pagine Gialle, the Italian directories business, has been increased to €1.3bn ($1.6bn) and priced with an interest rate at a lower-than-expected 8%.

Bankers working on the deal originally suggested the issue, being raised to fund an extra dividend for the backers of the buyout, would be set at €1.15bn.