Orange finds perfect break in EM storms for €2.8bn hybrid

By Jon Hay
31 Jan 2014

Orange, the former France Télécom, may not have felt luck was on its side on Thursday January 23. As it was about to begin the roadshow for its first hybrid capital issue, investor sentiment was soured by fear of an emerging markets meltdown.

High quality senior corporate bonds in Europe, including Orange’s, widened about 5bp in the days that followed, while hybrid issues slid by about 20bp-30bp.

But fortune smiled on Orange this week. Predictions that it had missed the only chance to issue before year-end blackouts proved wide of the ...

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