KPN wipes the slate clean



Corporate bond investors are welcoming the Dutch telephone company KPN’s decision to write off a substantial proportion of its investments in third-generation mobile phone licences.

The company announced a €9 billion write-down in the value of its licences and customer base, in its second-quarter earnings released in late August.

Nigel Sillis, credit analyst at Baring Asset Management, says the write-down does not cost the company anything in cash and only brings the valuations into

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