Tennet brings green hybrid flat to curve in parched primary market

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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 about 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 flat to its curve on Wednesday from a book of ...

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