Orano and Enel bask in investor clamour for yield

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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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