BBVA, lead manager on France Telecom dealMarch 29, 2013
France Telecom has priced 6.5-year bonds issue for 750 million euro, setting final price at 80 bp over the midswap. BBVA, Barclays, HSBC, and Société Générale have been lead managers on the deal.
The deal has been the first transaction on the intermediated part of the curve for France Telecom since January 2009. Despite a heavy supply and concerns on Europe stability after Cyprus crisis, the deal proved to be successful, attracting a great deal of investors.
Order Books registered a total demand of €2.1bn, enabling lead managers of the issue to low the price from 85 bp over the midswap at the beginning of the offering, to 80 bp for a final amount set at €750m.
About 180 accounts were present in the deal, among which German and French investors had the highest participation (respectively 38% and 26% of the demand), followed by Benelux investors (11%) and Southern Europe (9%). By investor type, Fund Managers and Insurers contributed with 63% and 14% of the order book.