Telecom Italia calls hybrid stripped of equity credit, vows IG return

By Jon Hay
31 Jan 2014

Telecom Italia announced on Wednesday morning that it intended to call its €750m hybrid capital bond – the only one it has issued so far – after Moody’s stripped away the deal’s 50% equity credit last year.

The call will be made on March 3 at 101, as allowed under the bond documents if a rating agency removes equity credit.

“The hybrid was conceived together with a plan we revealed in February last year to maintain an investment grade status,” said Andrea Balzarini, head of ...

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