Highly Commended: Telecom Italia
Telecom Italia’s $2.5 billion issue was hugely oversubscribed when it was launched on September 21. The company had tapped the US dollar market for the first time in September 2003 with a $4 billion bond issue, which it followed with a $3.5 billion deal in October 2004. But this year’s deal saw an additional 95 new investors among a total of 290 buyers. The allocation of the book had approximately 50% of the deal go to asset managers, 30% to pension and insurance funds and 20% to bank portfolios
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