LONDON: Telecom Italia, rated Baa3/BBB/BBB, on Wednesday set initial price thoughts on a subordinated 60-year euro-denominated hybrid bond in the 8 percent area.
The company, that already met investors ahead of a potential transaction in February but postponed plans following a Moody's downgrade, mandated Barclays and JP Morgan as joint structuring advisors and global co-ordinators, and Banca IMI, Barclays, BNP Paribas, JP Morgan and Mediobanca as joint-bookrunners.
Additional bookrunners are Credit Agricole, Citi, Goldman Sachs and Societe Generale.
The securities are expected to be rated Ba2/BB+/BB+ and will likely price later in the day, a source close to the deal said.
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