At&t made waves in the bond market on Wednesday after it became the first US corporate to issue a preferred note in euros as the telecoms company led a busy week of hybrid issuance. british telecommunications also made its debut in the format, while real estate company akelius sold a hybrid bond. But it was AT&Ts €2bn perpetual non-call five deal that stole the show. The pref note, the biggest of its kind in any currency, is a rare and unusual step that will help lower AT&T's rating agency measure of leverage.
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