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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Koninklijke KPN NV | EU:KPN | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.029 | 0.77% | 3.786 | 3.784 | 3.786 | 3.788 | 3.743 | 3.771 | 3,556,114 | 13:08:17 |
By Serena Ruffoni
Dutch telecommunication company KPN NV (KPN.AE) plans a euro- and sterling- denominated hybrid bond, said one of the banks on the deal Thursday.
The company already met investors in late February for this bond, which comes as part of a 4 billion euro ($5.21 billion) capital-raising plan.
The bond will be subordinated and senior only to ordinary share capital, meaning it is the second to last in the repayment order in case of default of the company.
A euro-denominated perpetual bond has a yield indication of around 6.5%, while a 60-year sterling-denominated bond is indicated at a yield of around 7.375%. Both will be firmed during the day.
Deutsche Bank AG, Goldman Sachs and JP Morgan are the banks managing the bond issue.
Hybrid bonds combine aspects of both debt and equity, and in the event of a default pay-out after more traditional corporate bonds. Investors are paid for this higher level of risk.
The issuer is rated Baa2 by Moody's Investors Service Inc., BBB- by Standard and Poor's Corp. and BBB- by Fitch Ratings.
Write to Serena Ruffoni at serena.ruffoni@dowjones.com
1 Year Koninklijke KPN NV Chart |
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