Red faces at Goldman as lawyers slip up over Telecom Italia bond

23 Jan 2009

Even as the European corporate bond market scaled new heights and set a new record for the amount of monthly issuance, a Telecom Italia issue launched on Thursday last week (January 15) plumbed the depths of embarrassment for lead manager Goldman Sachs.

A legal oversight meant that some of the Eu500m five year paper had to be bought back the day after launch as Goldman did not realise that there were restrictions on the possible distribution, EuroWeek understands. The paper was available in Eu50,000 plus Eu1,000 denominations and this meant ...

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