Issuer: Swisscom
Date: October 1998
Amount: Sfr8.6 billion ($6.3 billion)
Global coordinators: JP Morgan, Warburg Dillon Read
Early October was hardly the most favourable time last year to issue over $6 billion of equity. Stock prices in Europe and North America were falling as the shock waves from Russia’s domestic debt default spread from emerging to developed markets. But Switzerland’s first privatization had been planned for over 18 months and the government was not going to let the small matter of a 20% fall in Swiss stock prices over the preceding month derail the programme.
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