Cautious KPN borrows early, raising €750m after S&P cut
Koninklijke KPN, the Dutch telecom company, returned to the European bond market on Wednesday, the day after a downgrade by Standard & Poor’s, and seemed to suffer no ill effects, achieving a well oversubscribed deal of €750m, the most it wanted.
The new issue premium of about 15bp-17bp was respectable and tighter than would have been possible a month ago, though not as tight as the 8bp-13bp KPN felt it achieved on its last outing in September, a 500m no-grow 10 year.
One banker away from the deal said
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