Alliander coolly restores normal order for buybacks
Alliander, the Netherlands’ leading electricity grid company, established a milestone in corporate liability management this week when it reintroduced the structure in which a new bond issue is sold at the end of a buyback process.
The Aa3/A+ rated company, with a positive outlook from Standard & Poors, issued a 400m bond on Thursday to finance the buyback of 324m of its 2014 and 2016 notes close to its 400m target.
For the past year, all notable corporate bond buybacks with new issues in
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