Maturity: September 26, 2012
Issue price: 99.621
Spread at re-offer: 270bp over the 5% March 2012 Gilt
Launched: Thursday September 19
Joint books: Goldman Sachs, HSBC
"...Deutsche Telekom has done a good job dropping these deals into the market. They also did a short euro bond on Wednesday, all these issues being off their MTN programme. We had enough exposure to this name so we didn't get involved. There has been a big rally in Deutsche Telekom bonds recently on not a lot of news. This was a good opportunity for them in terms of timing, given where spreads are.
There is concern that they will be in the market again with jumbo size issuance, although maybe not this year."