BT rings up hefty bill for global bond funding

As anyone who has ever browsed the web using a BT line will know, the internet can be an expensive compulsion. The unlucky surfer can run up a hefty telephone bill even before he finds what he is looking for.

Now British Telecommunications is facing a similar experience as it strives to create a UMTS wireless internet business. First came the sky-high cost of buying a UK licence in April. Then came months of relentless credit tightening as investors realized just how much BT and its peers would have to pay to build UMTS infrastructure.