Telecom Italia takes €1.25bn but premium causes surprise

Telecom Italia attracted €4.5bn of orders on Tuesday, which was no mean feat, having to contend with a €4bn four-tranche Orange deal in the market on the same day, but also the uncertainty surrounding the Italian government and its budget hanging over the country’s economy. This, combined with the company’s Ba1/BB+/BBB- ratings, meant it had to offer what research house CreditSights saw as a 90bp premium to its secondary curve for the new 5.25 year deal.

  • By Nigel Owen
  • 10 Jan 2019
Leads Banca IMI, Citi, Crédit Agricole, Deutsche Bank, JP Morgan and UniCredit announced initial price thoughts of 4.375%-4.5% for the benchmark deal. The effect of a weaker credit market combined with Italian uncertainty can be seen when comparing this level to the ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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4 Goldman Sachs 5,728.64 21 5.65%
5 Barclays 5,368.96 18 5.30%

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1 Citi 1,932.38 9 9.46%
2 UniCredit 1,348.77 9 6.61%
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4 JPMorgan 1,150.79 5 5.64%
5 Bank of America Merrill Lynch 1,125.97 7 5.51%

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3 Goldman Sachs 374.58 3 7.61%
5 SunTrust Robinson Humphrey Inc 366.66 4 7.45%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 3,324.67 8 9.67%
2 Barclays 2,536.07 5 7.38%
3 JPMorgan 2,444.85 4 7.11%
4 Bank of America Merrill Lynch 2,436.88 6 7.09%
5 MUFG 2,123.57 3 6.18%