Corporate bonds - BUY TDC EUR 5.875% 2015
In the event of an IPO of TDC, we expect these bond issues to be upgraded to Investment Grade over time. In our view, TDC €5.875% 2015 has the highest potential by far with a potential spread narrowing of 60-80 bp, which will result in an expected holding period return of 6.10-6.90%. This is attractive relative to the risk. We therefore begin the coverage of TDC €5.875% 2015 with a BUY recommendation while TDC €6.5% 2012 is maintained at SELL.
Corporate bonds - BUY TDC EUR 5.875% 2015 (166KB)
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