Orange names leads for first hybrid bond

Wed Jan 22, 2014 7:41am EST

LONDON, Jan 22 (IFR) - French telecoms company Orange, rated Baa1/BBB+/BBB+, has mandated BNP Paribas and Goldman Sachs as global coordinators and structuring advisers for the placement of hybrid bonds, expected to be denominated in euro and sterling.

As well as the two global coordinators, Credit Agricole, Citi, HSBC, ING, Morgan Stanley and Societe Generale will act as joint bookrunners for the expected euro offering, and Barclays and Santander as joint bookrunners for the sterling tranche.

The company, formerly known as France Telecom, has never issued subordinated debt before. It was last in the senior public bond market in August 2013 with a dual-tranche five and long 10-year bond that printed at mid-swaps plus 60bp and 100bp respectively. (Reporting By Josie Cox; editing by Alex Chambers)