EDF reopens hybrid market as it shuffles its pack

French electricity utility EDF sold the first hybrid corporate bond deal in the euro market for more than two months on Tuesday, as it launched a tender offer for its existing hybrids with the aim of maintaining its existing volume of outstanding bonds.

  • By Nigel Owen
  • 25 Sep 2018

The A3/A- rated issuer, which had issued €10.5bn of hybrids, announced a tender offer for its outstanding euro bonds with call dates in 2020, 2022 and 2025 and its sterling bonds with a 2026 call date.

On a presentation that investors were invited to view, EDF said ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 53,320.23 261 5.40%
2 JPMorgan 52,801.34 266 5.35%
3 Bank of America Merrill Lynch 49,285.49 250 4.99%
4 Barclays 46,494.29 192 4.71%
5 Deutsche Bank 38,254.28 189 3.88%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Barclays 14,087.03 36 9.12%
2 Deutsche Bank 10,204.94 51 6.60%
3 SG Corporate & Investment Banking 9,691.46 38 6.27%
4 BNP Paribas 9,682.74 53 6.27%
5 Citi 9,654.05 44 6.25%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 Deutsche Bank 2,336.07 15 8.07%
2 JPMorgan 2,260.62 16 7.81%
3 BNP Paribas 2,167.79 20 7.49%
4 Citi 1,935.99 15 6.69%
5 Goldman Sachs 1,890.62 15 6.53%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 12,355.10 94 10.23%
2 Citi 11,234.36 86 9.30%
3 Goldman Sachs 8,483.82 60 7.02%
4 Bank of America Merrill Lynch 8,431.45 69 6.98%
5 Morgan Stanley 7,524.77 55 6.23%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 9,840.79 40 5.49%
2 SG Corporate & Investment Banking 9,247.20 39 5.16%
3 Barclays 9,097.64 39 5.08%
4 BNP Paribas 8,968.95 50 5.01%
5 Deutsche Bank 8,508.56 48 4.75%