Blowout response to Telecom Italia as BMW revs up
Telecom Italia raised about Eu7bn of orders on Tuesday for a Eu1bn five year bond. Europe’s deal-starved corporate investors — TI’s was the first senior investment grade note in euros since January 5 — flocked to the bond, thanks to a hefty new issue premium of about 40bp. BMW, meanwhile, launched a five year deal on Wednesday morning with price whispers in the mid-swaps plus low 60s area. Car makers have supplied the majority of bonds in the European corporate market so far this year. Read EuroWeek on Friday for analysis of the prospects for corporate funding.
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