Leads reject criticism of Deutsche Telekom 20 year
Bankers leading a rare 20 year corporate bond for Deutsche Telekom this week rejected criticisms that the Eu300m deal was too tight and too long, saying that the borrower had not been looking to print a benchmark. Thursday’s bond was only the second 20 year in euros this year after France's EDF sold a Eu1.5bn note in April.
The German borrower, rated Baa1/BBB+/BBB+, launched its deal through sole bookrunner Bank of America Merrill Lynch and printed Eu300m at 145bp over mid-swaps, equating to a 4.5% coupon.
The deal priced at the same level as the whispers and guidance. It was led by reverse enquiries and was placed
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