Elenia picks on-trend €500m no-grow after rating upgrade

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By Mike Turner
30 Jan 2020

Elenia, the Finish electricity distribution company, opened books for a €500m no-grow seven-year bond on Thursday, its first issue since Standard & Poor’s upgraded it to BBB+ in November.

Bookrunners BNP Paribas, NatWest Markets and RBC Capital Markets announced initial price thoughts of 80bp-85bp over mid-swaps.

The book grew to more than €1.8bn, prompting them to release guidance of 60bp-65bp.

“The €500m no-grow [format] has been working well recently,” said a banker away from the transaction. “So has people going beyond ...

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