Ireland's ESB opens sterling corporate market with £2bn blowout book
Ireland's Electricity Supply Board opened 2020's sterling corporate bond market on Tuesday and won enough demand to increase the £300m deal slightly.
ESB, rated A3/A-, opened books for a July 2035 (15.5 year) trade with an expected size of £300m.
Bookrunners Barclays, BNP Paribas, HSBC, NatWest Markets and RBC Capital Markets set initial price thoughts at 115bp to 120bp over the 4.5% September 2034 Gilt.Demand poured in, and orders reached £1.5bn. ...