No pick-up for investors as Telstra pockets €1bn
Telstra, the Australian telecoms company, brought to fruition the investor marketing it did in Europe in the last week of February, by issuing a €1bn bond today that one observer saw as priced flat to its own secondary curve.
Half a dozen Australian companies have roadshowed in Europe in the past six months and decided not to issue, as they can obtain much better pricing in Australian dollars, mainly because of the basis swap cost. However, bankers had flagged Telstra as the most likely to go through
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