Telenor exchange concludes successfully with €600m 12 year bond
Telenor, the Norwegian telecoms company, this week confirmed the return of the traditional pattern for corporate bond exchange transactions, in which the new bond is issued once the results of the buyback are known. In a successful exercise that achieved a 48% hit rate on the buyback, Telenor raised €600m of new 12 year money.
The deal followed the pattern re-established earlier this month by Alliander, the Dutch electricity grid company, in a 400m new issue and 324m buyback managed by Citigroup and Morgan Stanley.
For the previous year, corporate exchange deals had all been done with the new issue first, to maximise
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