Telecom Italia has launched a 10-year senior bond. The issue will be of a benchmark denomination in euro, at least 500 million, with maturity in October 2027. The initial price indications are for a spread of 180 points above the midswap rate.
Telecom is rated Ba1 by Moody's, BB+ by S&P and BBB- by Fitch. The operation is managed by Banca Imi, Citi, Deutsche Bank, JP Morgan, Mediobanca and Unicredit in the role of joint bookrunners.
Other bookrunners involved in the placement are Banc Bilbao, Goldman Sachs, Ing, Santander and Smbc Nikko.
