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

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 unde

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: