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Tele2 EUR 31s Outperform On Iliad’s Stake Acquisition


  • Tele2 EUR 31s are the best performing €IG communications line today with a G-spread 9bps tighter today compared to moves of <1bp elsewhere on their curve.
  • Multiple equity analysts have discussed a potential full takeover by Iliad (Ba2/BB) over time and while each Tele2 EUR bond contains a change of control covenant, the 2031s are the only EUR line with a cash price significantly away from par, currently streaming at EUR 84.

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