The roller-coaster ride that has rattled telecom bond owners this year is poised to take another sto...
The roller-coaster ride that has rattled telecom bond owners this year is poised to take another stomach-churning drop as Germany begins auctioning its mobile phone licences next week. The initial downswing for phone bonds came in April when the UK Government extracted £22.5bn ($34bn) from the five successful bidders for its licences. The right to persuade phone users they need to access the internet through their handsets began to look like a luxury the bond market could not afford to finance. Then borrowers began to offer extra interest to compensate for any cut in their credit ratings...
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