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by Stephen Carter
Sep 23, 2025 12:13 PM ET
Telecom Italia S.p.A. (TITIM) EUR500m expected size Reg S bearer sr notes due 09/30/30 (5y). NCL (MWC, 3mo par call, 80% clean-up call). Ba2/BB/BB (stable/stable/positive). Via BBVA/BNP (B&D)/Citi/CA/GS/IMI/JPM/MUFG/Santander/SocGen/UniCredit jt books. Off EMTN programme. List Lux and Borsa Italiana. English law. CoC. Annual pay, Act/Act. Denoms: 100kx1k. Settles 09/30 (T+5). ISIN: XS3194057553. IPT 4.25% area. Price guidance: 3.75%-3.875%. Final terms: EUR500m at 3.625%.
Priced: 3.625% at 100. MS+123bp. +130bp vs OBL 2.20% 10/10/30.
Did a series of fixed-income investor calls 09/22. Books went subject at 12:30pm UKT 09/23. Reconfirm were due by 1:30pm UKT 09/23. Final book size EUR1.8bn (from books above EUR3bn at tight end of guidance (from EUR3.2bn pre-rec). UOP: GCP. Biz: Leading information and communications technology (ICT) provider in Italy and Brazil. HQ: Milan, Italy.
Deal Roadshow link: https://dealroadshow.com/e/HAUTACAM25. Entry code: HAUTACAM25.