Deutsche Tel flattens NIP, then trades tighter
Deutsche Telekom became the third blue chip company in a row to issue a multitranche bond with no new issue concession on Tuesday, after PepsiCo and McDonald’s had both pulled off the feat the day before.
The German telecoms group, rated Baa1/BBB+/BBB+, followed US issuers PepsiCo (A1/A+) and McDonald’s (Baa1/BBB+) with a similar tranche structure.DT went for seven and 12 year euro bonds, echoing Pepsi’s eight and 12 years and McDonald’s 7.25 and 12 years, which it topped off with a 15 year ...
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