Bharti Airtel pays up for €750m bond

India’s largest telecom firm has raised a euro bond, but instead of achieving competitive pricing versus a dollar issuance, it ending up paying extra.

Bharti Airtel sold a 750 million $1 billion senior unsecured five-year note on Tuesday and while it is common knowledge that the euro market is able to offer Asian issuers tighter pricing versus the dollar, it is debatable whether this was the case here.

“For euro trades, it has benefits in terms of diversity of investor base, for example,” said a syndicate banker from a rival bank. “But what I would argue in the case of Bharti is that it certainly came at a price.”

“Some issuances in Asia, like the Koreans and the Hutchinsons, have been able to achieve competitive pricing without having to pay up...

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