telstra-prices-popular-bond-in-volatile-markets

Telstra prices popular bond in volatile markets

At 62bp over mid-swaps, the Ç1 billion eurobond is priced slightly wider than guidance but is six times oversubscribed.
AustraliaÆs national telco Telstra priced its benchmark eurobond in London overnight achieving a price of 62bp over mid-swaps, slightly wider than the 60bp guidance.

The 10-year deal was launched on Tuesday morning UK time and, according to sources, was six times covered within the first few hours. Joint lead arrangers, JPMorgan, BNP Paribas, Deutsche Bank and Barclays Capital, closed the order book after five hours but had to wait overnight before pricing the deal.

ôThere was a lot of momentum in the early part of the day and at that time the markets were holding up well, but just after the book was closed, some volatility crept back into the market,ö says a source...
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