JPMorgan and Merrill Lynch have sold a €550m ($486m) convertible bond for Portugal Telecom despite criticism from other banks that the deal was aggressively priced and would be difficult to sell.
A banker close to the deal said that the books closed at 13:00 GMT and the oversubsciption was "pretty good." He said: "The transaction was priced aggressively but it is trading in the grey market at par which suggests that the pricing is spot-on."
