TI, Gasunie LM deals spark lead order debate
Telecom Italia and Nederlandse Gasunie have both completed their bond buybacks, with outcomes that differed widely in price and take-up. While the Italian telecoms company recovered €777m of bonds, more than its €500m target, Gasunie got €284.3m, about 62% of the €460m it had hoped to retrieve.
Both deals had been launched on July 6. On that day, Gasunie, the Dutch gas transmission company, also launched a new 500m bond to finance its buyback.
Telecom Italia did not launch a new issue, but was seeking a home for some of its 5.5bn of cash, which is
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