Eneco hybrid canned after Dutch ruling

June 23, 2010 12:00 am

Hopes that the second corporate hybrid bond of the year would emerge shortly were dashed on Wednesday, when Dutch utility Eneco Holding, which was due to start meetings with investors, cancelled the deal. The bond issue had been related to the unbundling of energy companies in the Netherlands — which would have required Eneco to split its commercial and grid management activities — after a Dutch court on Tuesday said this requirement broke EU law.

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