Terna keeps the triple-B demand turned on

Pylon 1
By Nigel Owen
20 Jul 2017

Italian electricity network operator Terna brought its first new issue of 2017 on Wednesday and benefitted from strong demand for triple-B rated bonds. The €1bn 10 year deal had an orderbook of €1.6bn and printed with a new issue premium of 8bp-10bp.

Terna, rated Baa1/BBB/BBB+, was one of three triple-B rated issuers to launch deals on Wednesday, following two others and an unrated deal earlier in the week.

The issuer’s last visit to the corporate bond market was a €750m 12 year deal in October 2016, which was priced at ...

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