Telecom Italia signed a $10 billion global MTN programme on March 13. The arrangership has been shared between three banks - JP Morgan, Lehman Brothers and Morgan Stanley Dean Witter. This is the first time these three banks have teamed up on an arrangership. The signing marks the second Italian telecom to put pen to paper on an MTN programme. Tecnost International Finance signed a euro10 billion ($8.96 billion) Euro-MTN programme, in July 1999. They have issued $5.68 billion off just three trades. Lehman Brothers was also the arranger on that programme too. The telecom sector has issued $3.46 billion in debt so far this year. Portugal Telecom International Finance has been the largest issuer in 2001, with one euro1 billion trade bringing them 26% of the market share. The former state monopoly Telecom Italia is Italy's number one fixed-line operator and number one wireless provider (through 60%-owned Telecom Italia Mobile), and the company holds stakes in mobile phone operations outside Italy, mainly in Europe and Latin America. Telecom Italia also provides satellite communications and information technology services. Former rival Olivetti controls 55% of Telecom Italia. The dealer panel comprises the three arrangers, Banc of America Securities, Barclays Capital, BNP Paribas, Credit Agricole Indosuez, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, HSBC, Mediobanca-Banca di Credito Finanziario, Merrill Lynch, Salomon Smith Barney, SOFTE and UBS Warburg.
March 23, 2001
