BT phones ring off the hook for €500m hybrid

By Mike Turner
11 Feb 2020

British Telecommunications joined the red hot hybrid capital market on Tuesday, tightening the yield on its new bond by around 60bp during execution as investors clamoured for returns.

BT is rated Baa2/BBB/BBB so the hybrid is Ba1/BB+/BB+.

Bookrunners Bank of AmericaBarclaysBNP ParibasMUFG and Société Générale opened books for the 60.5 non-call 5.5 year €500m no-grow issue at initial price thoughts of ...

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