Telecom Italia is the largest Italian telecommunications company,also active in the media and manufacturing industries. TI returned to the Euro market following a successfult ransaction in USD (dual-tranche 5-year USD1bn and 10-Year USD 1bn) in June and in GBP (8-year GBP 750m) in May last year.TI was last seen on the Euromarket in March 2009 for a EUR 1.5bn dual-tranche (SGCIB jointbookrunner). Proceeds will be used to refinance part of their outstanding debt and to finance new business projects.