It followed this up last month with another rescue exercise, effectively saving the euro corporate market from a reputation for botched M&A deals it has so far developed in 2006, with a well-received and well-executed €3 billion multi-tranche deal despite soft market conditions. The success of this issue was in marked contrast to the year’s other jumbo M&A related deal for Telefónica (see Euromoney, February 2006, page 18).
More generally, it has been a...
