BT calls home but not everyone picks up

The last time British Telecommunications sold sterling bonds, the global financial crisis was still beyond the horizon. It returned on Tuesday after more than 10 years only issuing in euros and dollars, but investors were not as welcoming as the issuer may have expected.

  • By Nigel Owen
  • 14 Nov 2017

A syndicate manager away from the deal said that the premium on the trade's seven year euro tranche was negligible, in line with recent issuance. 

While the premium was more difficult determine for the 14 and 30 year sterling tranches, the banker had expected a better result. 

“I ...

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5 Bank of America Merrill Lynch 7,574.81 71 6.46%

Bookrunners of European Corporate IG Bonds

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1 BNP Paribas 13,788.65 56 6.66%
2 JPMorgan 12,891.77 45 6.23%
3 Citi 11,913.13 50 5.75%
4 Deutsche Bank 11,619.66 50 5.61%
5 Goldman Sachs 11,398.08 28 5.50%