Euroweek has uncovered further details of the loans for British Telecommunications (BT) and Vodafone Airtouch. Both are tapping the European loan market for self-arranged club deals, to make the most of their strong sway over relationship banks and the narrow pricing this can bring them. BT has assembled a group of seven banks to provide it with a Eu16bn CP backstop facility. The deal is not intended to be drawn down, but will give BT easy access to the deep liquidity of the US and European CP markets.
May 12, 2000
