Wind tests the water for €1.25bn junk bond

ABN Amro, Banca IMI and Deutsche Bank are expected to start marketing a €1.25bn ($1.5bn) 10-year bond for Italian telecoms group Wind today. It will be the second largest high-yield bond of the year and likely to pay annual interest of at least 10%.

One high-yield banker said: "This deal will receive a lot of attention. The lead banks had a hard time syndicating the loan and it will be interesting to see how they approach the bond sale. The price and structure will be very important."

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