To boldly go... EDF seeks jumbo debut hybrid in three currencies

Electricité de France has announced what is likely to be one of the highest profile corporate hybrid debt issues so far, to strengthen its balance sheet during a phase of heavy capital expenditure that it hopes will lead to profitable growth. The state-controlled power company is holding a roadshow in Europe and the US for four bonds, two in euros, plus tranches in sterling and dollars. The leads are guiding investors to expect each tranche to be of benchmark size, which for EDF unsually means a billion of that currency. That suggests the deal could reach €3bn to €4bn if it goes well.