BT leans on euros as sterling demand falters

Bitten Pound
By Nigel Owen
16 Nov 2017

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

The Baa1/BBB+/BBB+ rated issuer gave the deal a very British feel with its choice of lead managers. Barclays, HSBC, Lloyds Bank, NatWest Markets and Santander announced a seven year euro tranche ...

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