France Télécom goes Orange with €1.5bn two tranche bond

Orange, formerly France Télécom, sold €1.5bn of bonds in two tranches on Tuesday for the first time under its new name. The deal was well received and attracted a €3.7bn book.

  • By Stefanie Linhardt
  • 27 Aug 2013

Orange planned to issue a September 2018 and a January 2024 euro benchmark bond, which came with initial guidance in the mid-swaps plus 65bp-70bp area and mid-swaps plus 105bp, respectively.

The A3/BBB+/BBB+ rated French telco managed to tighten guidance to price its five year deal at 60bp over swaps and ...

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All Corporate Bonds

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5 BNP Paribas 3,721.14 15 5.26%

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2 Bank of America Merrill Lynch 1,144.99 10 8.62%
3 Morgan Stanley 1,069.11 7 8.05%
4 JPMorgan 1,064.38 8 8.01%
5 Wells Fargo Securities 882.72 7 6.65%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • 15 Jan 2018
1 BNP Paribas 2,219.30 7 11.30%
2 UniCredit 1,892.23 6 9.63%
3 SG Corporate & Investment Banking 1,432.51 5 7.29%
4 Bank of America Merrill Lynch 1,411.01 4 7.18%
5 ING 1,374.07 4 7.00%