Enexis’ first benchmark swamped with orders, prices through curve

Enexis, the Netherlands’ second largest electricity grid company, issued its second bond today to overwhelming demand from investors that enabled it to price through its own curve and in line with its closest peer, the better known Alliander – which is due to issue tomorrow.

  • 07 Nov 2012

Rated Aa3 (stable)/A+ (positive), Enexis only operates in the Netherlands and is wholly owned by Dutch provinces and municipalities.

In January it made its bond debut with a €300m 10 year issue that Deutsche Bank and ING priced at 120bp over mid-swaps, with a book of about €800m.

The exceptional ...

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Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 6,606.50 25 7.67%
2 Citi 6,511.98 28 7.56%
3 Bank of America Merrill Lynch 4,899.82 22 5.69%
4 Barclays 4,571.59 20 5.31%
5 Mizuho 4,473.33 18 5.19%

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1 Citi 1,513.82 9 9.16%
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4 Barclays 992.86 6 6.01%
5 SG Corporate & Investment Banking 943.52 7 5.71%

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1 NatWest Markets 216.56 3 8.11%
2 BNP Paribas 201.55 3 7.54%
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3 Credit Suisse 199.05 3 7.45%
5 UniCredit 155.26 2 5.81%

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2 RBC Capital Markets 85.86 2 10.57%
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Bookrunners of European Corporate IG Bonds

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1 Citi 2,087.29 10 8.43%
2 Mizuho 1,656.00 6 6.69%
3 BNP Paribas 1,583.41 10 6.40%
4 JPMorgan 1,130.71 4 4.57%
5 Commerzbank Group 1,090.75 4 4.41%