Telecom's mini rebound in Piazza Affari. By mid-morning, the share of the telephone company gained more than one point, in contrast with the trend of the Ftse Mib, which in the same minutes was in the red by 1,12%.
The group finished successfully the launch of bonds intended for institutional investors in two tranches at 3 and 6 and a half years, at a fixed rate and for a total of 1,5 billion euro. The good demand made it possible to increase the amount of the issue and to price the securities with returns lower than guidance initially announced. The average cost of the issue thus stands at 5,462%, in line with the average cost of the debt. The issue is part of the process of refinancing maturing debt.
Yesterday Telecom shares had lost 4,51% following the latest news on the judicial issue linked to the alleged counterfeit SIM cards. The Milan prosecutor's office has requested the indictment of the ex-president of Tim Brasil Luca Luciani, the ex-CEO of Telecom Italia Riccardo Ruggiero and the ex-CEO of Tim Massimo Castelli for an alleged round of fake sim cards. The charges are of aggravated fraud, obstacle to the supervisory authority and false corporate communications for having kept Sims alive with fictitious top-ups from one cent that should have been deactivated. The aim would have been to deceitfully increase the number of customers and therefore the group's market share.
