Iberdrola in hybrid fiesta as TI waits, KPN, Pennon appear
European companies’ push to make 2013 a breakthrough year for hybrid capital surged on this week, as Iberdrola of Spain sold a €525m deal successfully, Dutch telecoms firm KPN declared its intention to issue this year, and Pennon, an unusual, unrated UK water company, announced a roadshow.
Bankers away from the deal shook their heads over Telecom Italia, whose hopes of opening a 3bn campaign of hybrid issuance over the next two years with a deal widely expected to be of about 1bn have not yet come to fruition.
But their anxiety is believed to be
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