British Telecommunications Plc (""BT"") is one of the world's leading providers of communications solutions and services, operating in over 170 countries.
BT were last in the bond market in June 2008 with a EUR 1bn July 2015 deal (SG Joint-Bookrunner).
Ahead of the transaction, BT had indicated it wished to raise no more than EUR 600m as it maintained a comfortable liquidity position but recognised the attractive market conditions. Proceeds will be used for general corporate purposes., Priced a EUR 600m 5-year deal at MS+ 320bp, the tight end of official spread guidance, MS +320-340bp
Bookbuilding closed after only 30 minutes, with around € 8.6bn of interest from over 500 accounts
New issue premium of: Cash +15bp; CDS +145bp
High quality and diverse orderbook
503 accounts with a high proportion of buy and hold investors
Fund managers dominated distribution, with over 60% of allocations, Objective achieved in terms of tightening the re-offer spread on a relatively small benchmark, As well as leading this transaction as a Bookrunner, SG also won EUR 450m of the hedging business

SG CIB role: Joint bookrunner