Incumbent Telecom Italia announced yesterday the completion of the launch of its 5-year E1bn bond.
The fixed-rate bond is priced at 99.686% and carries a coupon of 5.125%. It will mature on 26 January 2016.
According to the group, the effective yield to…
Incumbent Telecom Italia announced yesterday the completion of the launch of its 5-year E1bn bond.
The fixed-rate bond is priced at 99.686% and carries a coupon of 5.125%. It will mature on 26 January 2016.
According to the group, the effective yield to maturity is 5.198% per year, resulting in a yield of 250bp above mid-swaps.
The proceeds of the bond, which TI said received interest from a wide range of institutional investors, will be used to refinance maturing debt.
A source close to company confirmed reports that Banca IMI, Deutsche, JP Morgan, Mediobanca and RBS led books on the deal.
TI was unable to comment before the press deadline.
