WestLB AG acts as Joint Bookrunner on Deutsche Telekom bond
Only German Joint Bookrunner / Amount: 500 Mio € / Focus on small and mid-sized investors in Europe
WestLB is the only German Joint Bookrunner on the 500 Mio € bond issue by Deutsche Telekom. This is the second major transaction for a large North Rhine-Westphalian company in the course of only one week. The 500 Mio € bond specifically targeted small and mid-sized institutional investors. The other joint bookrunners on the European consortium were BBVA and Fortis. The purpose of this so-called Regional Targeted Bond is to expand the company’s European investor base thus diversifying the funding base of Deutsche Telekom further.
Despite challenging market conditions in the course of yesterday’s trading approx. 60 investors from 13 countries subscribed the issue with a focus on German investors (ca. 37%). Furthermore, a widespread range of mainly European buy and hold investors was reached. The issue was priced to give a spread of 120 bps versus mid-swaps and has a 5,75 % coupon. The bonds come due on January 10, 2014.