France Telecom’s imminent €1.5bn bond hits spreads by 7bp

The issue is expected to take place by the end of this week and follows the French telco’s plans, revealed last week, to reduce its €70 billion debt burden by half within the next three years. It plans to achieve this through a €9 billion state loan, a €15 billion cash increase and €15 billion in cost savings.

Some market sources indicated that France Telecom was also sounding out investors regarding a sterling bond issue. The euro issue is expected to pay 290/300bp over the swaps curve.

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