KfW places Eu3bn exchangeable into Deutsche Telekom
KfW has sold Europe’s largest equity-linked bond this year, a Eu3bn exchangeable into shares of Deutsche Telekom. Goldman Sachs and Morgan Stanley priced the bond near the top of the coupon range and in the middle of the conversion premium range. The deal equals 4.61% of Deutsche Telekom’s share capital. The shares closed 2.35% lower on the announcement yesterday. Read EuroWeek on Friday for full coverage of the transaction.
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