Pennon finds 6.75% is the level for £300m unrated hybrid

Pennon Group, owner of the UK’s South West Water, sold its first hybrid capital issue on Friday March 1, raising £300m.

  • 08 Mar 2013

Unusually for a water company, and a hybrid issuer, all entities in Pennon Group are unrated. The company has therefore not done the deal to support its ratings, but to strengthen its balance sheet in the eyes of shareholders, lenders and possibly its regulator.

"In their official IFRS accounts, ...

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5 Barclays 82,724.67 361 4.48%

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4 HSBC 16,031.84 71 6.12%
5 SG Corporate & Investment Banking 14,554.56 78 5.56%

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4 Credit Suisse 4,353.57 48 6.31%
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Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 28,018.08 214 10.98%
2 Citi 21,099.90 168 8.27%
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4 Goldman Sachs 19,294.20 134 7.56%
5 Barclays 17,943.05 119 7.03%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Deutsche Bank 22,816.78 75 6.66%
2 HSBC 22,736.18 101 6.64%
3 BNP Paribas 21,794.95 106 6.36%
4 Barclays 21,638.43 92 6.32%
5 Citi 19,224.66 78 5.61%