Issuer: Matav
Amount: $773.9 million
Launched: November 13 1997
Global coordinators: Merrill Lynch, Credit Suisse First Boston
Another month, another bear market, another telecoms privatization. Hardly a week has gone by since September without a government somewhere getting ready to sell off its stake. Portugal Telecom and France Télécom got in first, and just avoided the turmoil which hit equity markets worldwide in mid-October. Telecom Italia was not so lucky, and also had to cope with BZW, its global coordinator, being sold off, and a mini-crisis for the government.
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