French incumbent Orange has mandated 10 banks for its planned inaugural €2bn (US$2.71bn) hybrid bond, expected to have euro and sterling tranches.
BNP Paribas and Goldman Sachs will act as global coordinators and structuring advisers for the…
French incumbent Orange has mandated 10 banks for its planned inaugural €2bn (US$2.71bn) hybrid bond, expected to have euro and sterling tranches.
BNP Paribas and Goldman Sachs will act as global coordinators and structuring advisers for the telco’s potential first issue of subordinated debt.
In addition to BNP Paribas and Goldman Sachs, joint bookrunners for the expected euro tranche are Credit Agricole, Citi, HSBC, ING, Morgan Stanley and Societe Generale, while joint bookrunners for the sterling tranche are Barclays and Santander.
Orange said the bond issuance may follow a series of investor meetings organised by the global coordinators, subject to market conditions.
Orange, formerly France Telecom, last tapped senior public bond markets in August 2013, when it issued €850m (US$1.13bn) of five-year notes with a 1.875% coupon and €650m (US$870m) of 11-year notes with a 3.125% coupon.
