Shaping up?


After the shocks and surprises that investors in European telecom bonds were subjected to last year, many were hoping for a little more peace and quiet in 2002. Until the end of January their prayers seemed to have been answered, but instead investors were once again reaching for their stress balls.

Throughout January, Europe’s investment-grade telecom companies enjoyed a rare absence from the front pages of the financial papers. Any news that did emerge was hardly the kind to cause panic in

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