Ex-junker TDC concedes just 5bp on tight €500m 10yr
TDC, the Danish telecoms company, returned to the bond market on Thursday after a year’s absence with a €500m 10 year bond with an unusually tight new issue premium, a deal that was eagerly welcomed by investors and ensconced the company still more firmly as a solid investment grade borrower.
Led by Deutsche Bank, JP Morgan and Morgan Stanley, the deal was much more modest than TDCs last outing in February 2011, a strategic transaction comprising 800m of four year bonds, 800m of seven years and a £550m 12 year.
That bond was designed to allow TDC to repay
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