Telecom Italia’s year-closing €1bn trades up as rally drives on

19 Dec 2012

Telecom Italia’s €1bn bond, issued last Friday as the last benchmark European investment grade corporate bond of 2012, has tightened by 15bp in the secondary market, as the rally in credit grinds on right to year end.

The deal was the second Telecom Italia had issued since the summer – even though in early June, the company told EuroWeek it had done all its planned funding for the year. That was after a successful €1.5bn deal, split equally between three and 6.5 year tranches, priced ...

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