TI halves dealers’ premium, buyback zooms

06 Jun 2013

Telecom Italia has completed a highly successful buyback of three dollar bonds, retrieving $1.577bn of notes in an exercise originally capped at $750m. Morgan Stanley was structuring adviser on the transaction, and was dealer manager with Crédit Agricole, HSBC, Natixis and UBS.

Telecom Italia had ambitions all along to buy back more than $750m of bonds, more like $1.2bn, according to one source close to the deal, but set the cap to make sure that the deal exceeded expectations, rather than disappointing them. The deal achieved all the borrower's target, ...

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