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.
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.
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