EDF’s hybrid proves a monster as investors thirst for yield

Electricité de France’s first hybrid capital issue always had the potential to be big. A national champion, still state-owned issuer, with ratings edging into the double-A band, was bound to command attention. And by launching the perpetual bond as a four-tranche deal, EDF sent a very clear signal that it meant business – this deal was going to be big enough to make a difference to its capital ratios.