Telemar Aims Under 10%

Telemar Aims Under 10%


Telemar has issued guidance of 9.75%-10.00% yield on an upcoming issue of $750m in 2019 bonds, expected to price this week. The BBB minus/Baa3 rated deal has been roadshowing in the US and Europe. In September, the issuer tried to achieve 8.50% area yield on 10-year notes, part of a $1.5bn offer of 5 and 10-year notes that was pulled amid market volatility. Investors say spreads have widened about 150bp-200bp since then. Proceeds will go towards refinancing debt from last year’s acquisition of B

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