E.On breezes through as market looks for ECB activity

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By Mike Turner
31 Oct 2019

Germany’s E.On came with a €500m no-grow 2031 trade on Thursday, as corporate bond syndicate bankers said it was still too early to judge the scale of the European Central Bank’s bond buying programme.

The electricity company, rated Baa2/BBB, announced initial price thoughts of mid-swaps plus 90bp-95bp area on the deal. 

E.On has October 2026s outstanding that were trading at an I-spread of 50bp, May 2029s that were at an I-spread of 51bp and February 2030s that were at 54bp. 

This put fair value ...

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