Orano and Enel bask in investor clamour for yield

By Mike Turner
01 Sep 2020

Corporate bond investors had another chance to pick up some spread on Tuesday after August had closed with a flurry of hybrids, with crossover trades from French nuclear power company Orano and Italian electricity company Enel.

Nuclear power and renewable energy company Orano, rated BB+ by S&P, started marketing a €500m no-grow March 2028 trade at 360bp over mid-swaps.

Leads were not marketing the deal specifically as corporate or high yield — despite the credit rating — but as “more of a crossover”, according to ...

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