The company, an Olivetti subsidiary which holds a majority stake in Telecom Italia, said the bond was sold at full face value, and redemption at maturity will be 113.41 percent. The bond has a one-per cent annual yield and the effective yield to maturity is 3.50 percent. The bonds can also be converted into Telecom Italia SpA shares. The effective conversion price is 17.50 euros, representing a 45.60 per cent premium compared with a reference price on Thursday of 12.02 euro, Tecnost said.