SP Transmission electrifies demand in sterling debut
The UK’s SP Transmission, the transmission arm of Scottish Power, issued its debut bond on Wednesday almost five times oversubscribed, as sterling demand remained solid on the day UK political parties opened their general election campaigns.
SP Transmission, rated Baa1/BBB+, announced a 12 year benchmark bond in the morning at initial price thoughts of 145bp to 150bp over Gilts. Barclays was global coordinator.
With books of around £1.65bn, the deal was sized at £350m and priced at 130bp.