MmO2 overcame widespread scepticism about its credibility with its inaugural benchmark Eurobond, which was more than five times oversubscribed, having built momentum in the primary market since the start of the year.

A strong roadshow was considered crucial to the transaction, as the wireless company, which was demerged from British Telecom in November, set out to explain its credit to investors, who wanted to hear mmO2's business and financial strategy before committing themselves to the transaction.