France Télécom's decision to slash the price of shares in Orange, its mobile phone unit, is good news for its exchangeable bond, which is being marketed at the same time, bankers said on Wednesday.

Credit Suisse First Boston, Dresdner Kleinwort Wasserstein, Morgan Stanley and SG are running the books for France Télécom on the exchangeable, which converts into Orange stock at a premium of 22%-27% above the level at which investors can buy shares in the mobile phone company's IPO.

France Télécom's IPO cut boosts Orange exchangeable

Miles Gregory-Costello

France Télécom

Morgan Stanley

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