Ireland's ESB opens sterling corporate market with £2bn blowout book

sterling fotolia 230x150
By Mike Turner
14 Jan 2020

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. ...

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