EPIF EUR600m 1.698% Jul 26

  • By Lewis McLellan
  • 25 Jul 2019
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Rating: Baa3/BBB/BBB-

Amount:€600m

Maturity: 30 July 2026

Issue/fixed reoffer price: 100

Coupon:1.698%

Spread at reoffer:mid-swaps plus 185bp 

Launched:Tuesday, July 23

Payment date:July 30

Joint books: Citi, HSBC, ICBC, Société Générale, UniCredit

Borrower’s comment:

We wanted to add a second point to the yield curve. The feedback from investors was very strong for a seven year, and that helped the deal build momentum. 

We don’t have major financing needs but, if the conditions are right, we might consider refinancing some of our older debt.


Bookrunners’ comment: 

This was the second international bond from EPIF. It already had a 2024 bond outstanding. 

We got a very successful transaction done and it was multiple times subscribed — the book peaked with €2.3bn of orders. The new transaction allowed the company to extend its investor community to include more European dedicated investment grade accounts. 

We were able to finish with very attractive pricing — 1.698% — which is flat to the curve extrapolated from the borrower’s existing point and the curve of triple-B corporates. 

It’s the best pricing ever on a yield basis from an eastern European corporate at this maturity.

The feedback during the marketing was very encouraging for a seven year. It was a chance to extend the curve. The issuer didn’t need to issue a larger size and hence decided to focus on a single tranche. This way, there’s a solid anchor point extending the curve with good liquidity.

The company had been getting the transaction ready and wanted to move ahead before the summer. The market backdrop was strong. We don’t expect the European Central Bank to disrupt things majorly but we wanted to get ahead of that because next week, the summer lull will begin and there will be less activity in the primary market. 

We got a good mix of investors — both European investment grade dedicated accounts and central and eastern European accounts.

EPIF is committed to remaining a regular issuer. It’s been very proactive in using various instruments this year — loans, Schuldschein, private placements, Eurobonds. It has a policy of holding approximately 70% of its group debt at parent level, which has translated into planned refinancing of some of the opco debt at parent level in H2 2019.


Geographical distribution

Germany/Austria 31%

UK 22%

France 13%

Spain/Portugal 9%

Rest of Europe 8%

Switzerland 7%

Italy 7%

Rest of world 3%

Distribution by investor type

Asset managers 79%

Banks/private banks 12%

Insurance/pension funds 7%

Hedge funds/other 2%

  • By Lewis McLellan
  • 25 Jul 2019

Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 16.96 84 10.49%
2 Citi 16.47 74 10.18%
3 HSBC 13.06 94 8.08%
4 Standard Chartered Bank 8.51 60 5.26%
5 BNP Paribas 8.28 55 5.12%

Bookrunners of LatAm Emerging Market DCM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Santander 4.35 19 13.01%
2 JPMorgan 3.89 18 11.62%
3 Citi 3.70 18 11.05%
4 Morgan Stanley 2.60 9 7.78%
5 BNP Paribas 2.42 9 7.23%

Bookrunners of CEEMEA International Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 6.94 29 14.41%
2 Citi 5.72 20 11.86%
3 HSBC 5.08 24 10.54%
4 Standard Chartered Bank 4.14 19 8.60%
5 Goldman Sachs 2.95 6 6.12%

EMEA M&A Revenue

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 0.20 50 10.55%
2 Goldman Sachs 0.16 37 8.77%
3 Morgan Stanley 0.14 46 7.64%
4 Bank of America Merrill Lynch 0.11 33 6.18%
5 Citi 0.10 35 5.16%

Bookrunners of Central and Eastern Europe: Loans

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 ING 1.57 13 8.92%
2 Credit Agricole CIB 1.53 7 8.68%
3 MUFG 1.24 5 7.08%
4 Sumitomo Mitsui Financial Group 1.16 8 6.61%
5 UniCredit 1.04 10 5.91%

Bookrunners of India DCM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 HSBC 1.12 9 17.54%
2 JPMorgan 0.92 8 14.49%
3 Standard Chartered Bank 0.88 8 13.92%
4 Barclays 0.82 7 12.82%
5 MUFG 0.72 6 11.36%