Telecom Italia hybrid now to come after those of KPN, Pennon

26 Feb 2013

Telecom Italia’s first hybrid capital issue is on hold for the moment, after Italy’s general election on Sunday and Monday produced a result that left observers not knowing whether to laugh or cry.

With Milan’s stockmarket plummeting 4% today to its lowest level since early December, and Italian government bond yields 30bp-40bp higher than before the election, this is not the week to be bringing this challenging transaction.

“It was always key to have some political stability before launching this, and ...

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