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Bonds are an important financing source for corporates. This case reviews the financing strategy of Belgacom, Belgium''s leading telecom group, who bought in 2006 the 25% remaining interests in Proximus from Vodafone for 2 billion euros. The transaction was funded with a bridge loan, which was refinanced in the euro corporate bond market. The company never issued bonds before. The teaching objectives of this case are manifold: (1) reviews the main motivations for launching a corporate bond; (2) reviews all the steps of the launch of a bond transaction, including corporate bond ''jargon''; (3) understand corporate bond pricing fundamentals, including the determination of credit spreads and a review of qualitative factors impacting the magnitude of the new issue spread premium; (4) stress the importance of taking into account the market context and the market trends when deciding on the structure of a bond transaction; (5) illustrate some issues related to the financing of an acquisition; and (6) stress the importance of addressing specific concerns from investors (eg the LBO risk) in the bond documentation (eg in this case through a step-up language aiming at compensating the absence of a change of control put provision). The case is best suited for courses (at master or MBA level) like corporate financing, capital markets, and investment banking.