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

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