Telstra Group Ltd (ASX: TLS) shares closed the session on Wednesday down 2.8% to $4.04 apiece.
This is likely due to the communications sector stock going ex-dividend today.
Meanwhile, the S&P/ASX 200 Index (ASX: XJO) closed down 0.1% on a lacklustre day of trading.
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What's this about a bond raise?
The ASX 200 telco hasn't announced any official news to the market today.
However, The Australian reports that Telstra intends to raise $650 million through an Australian bond raise.
This is the biggest Australian bond raise by the ASX 200 telco since 2017.
The margin is 100 basis points above the bank bill swap rate, with a coupon value of 4.93%.
The senior bond has a five-year timeframe and has reportedly attracted $1.9 billion in demand.
The article states the raise is "believed to be part of Telstra's normal course of fundraising activities".
As my Fool colleague Sebastian reports, Telstra shares are among the three most heavily traded ASX 200 stocks on Wednesday.
At the closing bell, more than 15.625 million Telstra shares have swapped hands today.
Should you buy Telstra shares?
As we recently reported, top broker Macquarie is bullish on Telstra shares with a 12-month price target of $4.64. It also forecasts a fully franked full-year dividend of 17 cents per share in FY23.
Macquarie likes Telstra's higher earnings certainty, strong cash flows, and tax-effective dividend income.
Another top broker, Goldman Sachs, also has a buy rating on Telstra shares and predicts similar growth with a price target of $4.60.
Morgans is the latest broker to put a buy rating on Telstra, with a price target of $4.70.
