Deutsche Telekom will not have to pay a higher interest rate on its outstanding debt thanks to benign rating decisions by the larger agencies, which may prompt investors to pay greater attention to coupon language.

The German telecoms provider, which is expected to launch a jumbo deal sized between €5bn ($4.3bn) and €10bn ($8.6bn) in early July, has several billion euros and dollars worth of existing bonds that carry credit-sensitive coupons.