EDF’s third bond in a week wins bulging order book

EDF Energy UK cooling tower from corporate media gallery 230x150
By Mike Turner
02 Dec 2019

Power company Electricité de France issued its third bond in quick succession on Monday, and investors piled into the book, seemingly little fazed by its heavy recent issuance.

EDF, rated A3/A-/A-, opened books at 185bp over mid-swaps on the December 2049 trade.

It does not have outstanding paper at that maturity. Analysts at CreditSights said their “very rough” fair value estimate was around 170bp-175bp over mid-swaps. Not everyone agreed, with one banker calling the final spread of ...

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