Royal KPN Koninklijke, the Netherlands-based telecommunications company, may hold out against offering investors credit-sensitive coupons when it comes to sell $3bn of bonds later this month.

The company will attempt to sell bonds in tranches of five, 10 and 30-years. Most of the bonds will be denominated in dollars, although the deal may yet include a euro piece. Roadshows will take place until September 25. Morgan Stanley Dean Witter (MSDW) and UBS Warburg will lead manage the transaction.