The fifth-biggest telecoms operator in Europe was due in Sydney and Melbourne this week to hold 'chats' with local investors but decided to cancel them after the planned roadshow became public through media reports, the fund managers said.
Many borrowers like to keep their roadshows under wraps in case a deal does not come off.
Sole arranger Goldman Sachs declined to comment.
It would have been Telecom Italia's first bond visit to Australia. The company is rated BBB by S&P.
Corporate bond issuance is rare in Australia and only six non-financial foreign borrowers have sold kangaroo bonds -- Australian dollar bonds sold by offshore entities in Australia.
They include Scottish Power, a unit of Spanish utility Iberdrola, in 2001 and British telecom operator Vodafone in 2006, according to consulting firm ADCM data.
(Reporting by Cecile Lefort; Editing by Mark Bendeich)
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