On hold no longer: OTE raises Eu2.1bn

The long-awaited bond for Greek telecom company OTE finally materialised yesterday (Tuesday) as Citigroup, Dresdner Kleinwort, Merrill Lynch and Morgan Stanley priced a Eu1.5bn three year tranche at 160bp over mid-swaps and a Eu600m seven year at 195bp over. Bankers away from the deal blamed poor execution for the wide pricing, but the leads were pleased to have placed only the third corporate bond in euros this year, not counting GE deals. For the debate on the deal, read EuroWeek on Friday.