Italian telco Wind whips up a storm in credit markets with mammoth PIK note

The EUR1.7 billion record-breaking payment-in-kind deal priced well inside guidance levels, but there is concern that investors are underestimating the credit risk of such deals

Wind Telecom, the Italian telecoms operator, has issued the largest ever payment-in-kind (PIK) note, a dual-tranche EUR1.7 billion deal launched in December. The EUR1.325 billion euro tranche priced at Euribor plus 7.5%, well inside the 7.75-8% guidance, and the $500 million tranche priced at Libor plus 7.25%, again on the tight end of the initial 7.25-7.5% guidance range.

The deal was "well oversubscribed" according to lead bookrunner Deutsche Bank, indicating that investors may well be

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