LONDON, April 30 (IFR) - Portugal Telecom, rated Ba2/BB, on Tuesday opened books on a new euro denominated seven-year bond, expected to be benchmark in size.
The group started marketing the new paper with yield thoughts in the area of 4.875%, for pricing later on Tuesday via Bank of America Merrill Lynch, Banco Espirito Santo, BNP Paribas, Caixa and HSBC.
The bonds will be senior unsecured and will have RegS documentation. The documentation also contains change of control clauses.
Portugal telecom was last in the market in October last year when it priced a EUR750m 5.5-year bond with a coupon of 5.875%, equating to a spread of mid swaps plus 497.5bp. (Reporting By Josie Cox; editing by Natalie Harrison)