Greece's Hellenic Telecommunications Organisation, or OTE, yesterday attracted over â¬7.5bn ($11bn) in demand from buyers in its corporate bond sale, showing that despite the credit crunch and unrelenting volatilaity cash-rich investors are still eager to put some capital to work.
The â¬2.1bn two-tranche sale of bonds brought the famine that has plagued corporate debt markets over the past few months to an end, with lead underwriters pricing the â¬1.5bn 3-year tranche at 160 basis points over the mid-swap rate and the â¬600m 7-year tranche at 195 basis points over mid-swaps.
