1987 – Year of the shrinking market?
There is no doubt which corporate Eurobond caused most excitement in 1986: British Telecom’s autumn debut in the international debt markets, following its privatisation in 1985. The $250 million 10-year deal, launched by Morgan Guaranty Limited, was sold in minutes. “It’s the best corporate credit in Europe–the issue amount could have been doubled and the price wouldn’t have moved,’ claimed the head of trading at one Eurobond house.
But anybody looking for a steady stream of financing business from the Triple-A rated company in 1987 will be disappointed.
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