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BT FV (EUR Jan 34 B’Mark ; Baa2/BBB/BBB)

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  • IPT given at MS+145a followed by guidance at MS+120a with books above EUR 2.8bn; we had seen FV around MS+105-110a so the deal will likely leave a few bps on the table.
  • BT last issued senior in August when they sold a EUR 850mn 2033 bond that tightened 30bps from IPT to price at MS+125bps with cover of 1.65x.

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