BT calls home but not everyone picks up
The last time British Telecommunications sold sterling bonds, the global financial crisis was still beyond the horizon. It returned on Tuesday after more than 10 years only issuing in euros and dollars, but investors were not as welcoming as the issuer may have expected.
A syndicate manager away from the deal said that the premium on the trade's seven year euro tranche was negligible, in line with recent issuance.
While the premium was more difficult determine for the 14 and 30 year sterling tranches, the banker had expected a better result.
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