Tennet hybrid tightens to quieten naysayers

By Mike Turner
16 Jul 2020

The new green hybrid bond from Dutch utility Tennet was trading tighter on Thursday, quelling suggestions from bankers off the trade that the deal’s oversubscription level was an indication that it would underperform.

Tennet’s new €1bn perpetual non-call 5.25 year notes were around 3bp lower on a yield basis at 2.34% on Thursday afternoon. The notes were 2bp tighter on a spread basis at an I-spread of 270bp.

When the deal priced on Wednesday from a book of €2.3bn, some syndicate officials ...

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