Telefónica delay could let down big CB hunters
Equity-linked bankers hoping for a wave of large, high quality deals to begin may have to wait a little longer, after reports on Wednesday that Telefónica's proposed €8.6bn acquisition of KPN’s German business may be delayed.
Equity-linked bankers have been relying on the prospect of Telefónica’s convertible bond — to be issued as part of the takeover — as well as another deal from Seat to boost issuance in 2014. Much of the year’s supply has so far been made up of small deals.
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