Italian incumbent Telecom Italia announced that it has placed E750m worth of fixed-rate notes.
The 5-year 7% bond has a settlement date of 20 October 2011, and will mature on 20 January 2017. It was issued at 99.406% and has a 100% redemption…
Italian incumbent Telecom Italia announced that it has placed E750m worth of fixed-rate notes.
The 5-year 7% bond has a settlement date of 20 October 2011, and will mature on 20 January 2017. It was issued at 99.406% and has a 100% redemption price.
According to TI, the actual yield to maturity is 7.15%, corresponding to a yield of 498 bp above mid swaps.
“With today’s transaction Telecom Italia refinanced on the capital markets Euro 2.5 billion since the beginning of the year at a weighted average cost of 5.65%, an extremely low level despite the volatility of financial markets,” said TI in a statement on 13 October.
It is understood that BNP Paribas and Deutsche Bank are global lead arrangers. Banca IMI, BBVA, Citigroup and Mediobanca are joint bookrunners.
