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Australia's Telstra eyes NZ$ 7-year bond-investor

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SYDNEY, May 3 (Reuters) - Telstra Corp TLS.AX, Australia's
dominant phone company, is considering issuing a seven-year New
Zealand dollar bond issue at 175 to 180 basis points over swap,
a fund manager who has been contacted on the sale said on
Monday.
 Telstra met on Friday with bond investors in New Zealand to
discuss a possible offer to replace NZ$ commercial paper
borrowings.
 The bond discussions are jointly managed by Bank of New
Zealand, Commonwealth Bank of Australia and Westpac
Institutional Bank.
 Telstra has NZ$255 million ($185.5 million) in kauri bonds
outstanding, with 2011 and 2014 maturities.
 Kauri bonds are New Zealand dollar bonds issued by foreign
borrowers in New Zealand.
 Telstra held debt updates in Europe earlier in the year.
[ID:nSGE62302I].
 The phone company is rated A by S&P and Fitch and A2 by
Moody's.
 (Reporting by Cecile Lefort) 






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