Centrica gets the perfect combination — duration but low coupon
Centrica, a UK energy group, sold £500m of 32 year bonds on Wednesday with a minimal new issue premium and a tighter coupon than it achieved on a recent 17 year deal.
The bond priced at 135bp over Gilts, at 98.336 with a 4.25% coupon 0.125% tighter than the £750m 17 year bond that Centrica sold in March this year.
When you can do a 32 year inside on a coupon basis to your 17 year deal you did
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