TPSA bears FT burden

In late August, bonds on Telekom Polska were trading around 350bp wider than France Télécom’s. Investors and analysts are wondering why.

France Télécom (FT) holds a 47.5% stake in Telekomunikacja Polska SA (TPSA), but the Polish operator is rated one notch higher (BBB/Ba2) than its parent (BBB-/Baa3).
Spreads on TPSA bonds are not only wide versus FT but also versus other telecom companies in general. The bonds are more than 300bp wider than the average triple-B rated telecom.


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