Dollar market welcomes back TI after getting over early-week blip
After weeks of enjoying near-perfect funding conditions with bulging order books and extravagant spread tightening, two high-grade corporate borrowers on Monday received a jolt from investors as pricing power appeared to evaporate. Normal service was soon resumed however, and by Thursday Telecom Italia was able to end its five year absence from the dollar market with a $1.5bn 10 year deal that offered investors a perfect combination of novelty and yield.
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