The application for the bonds to 2017 placed by Telecom Italia this morning was very strong. This is what internal sources at one of the placing banks indicate, who underline that "Telecom's is the first Italian bond since the beginning of the crisis".
The request stands at 4 billion, coming from about 400 investors, of which 50% are French and English, while only one 9% of the demand is Italian. Another detail is that the type of investors is mainly that of asset managers, 65% of the total. Not even Telecom expected it, which initially set out with a target of 500 million and, once they saw the good demand, they raised the bar up to 750 million.
“Telecom took advantage of a window that opened up on the market, after so much volatility we had a week of credit rally, especially yesterday – explains the source – furthermore, the security was issued with an 'issue premium' by 70 basis points above the curve of the secondary Telecom, which certainly made it interesting for investors”.
