Telecom Italia has returned to the Schuldschein market, but through its Italian listed holding company for the first time. Ever since Italy made tax changes for foreign lenders four years ago, Schuldschein arrangers have hoped that more Italian borrowers would come to the market. But companies are coming to the market for price and diversification above anything else.
Telecom Italia, through arrangers BNP Paribas and UniCredit, is offering investors four and six year notes. There are fixed tranches priced over mid-swaps and floating ones priced over six month Euribor. Spread ranges for both are 150bp-170bp and 170bp-190bp.
There is an investor call on September