E.On ducks through Nato noise with short €500m

US vs Europe fight conflict adobe stock
By Mike Turner
03 Dec 2019

E.On, the German power company, hit the short end of its bond curve on Tuesday, launching a €500m no-grow 2.8 year deal on a tricky day for the wider markets.

The Baa2/BBB rated borrower started marketing the September 2022 deal at 55bp-60bp over mid-swaps, with Citigroup, Goldman Sachs, Helaba and SEB as bookrunners.

With over €2bn of demand, books went subject at 11.30am and the leads set guidance of 35bp (the number). That gave the deal a yield of ...

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