Eni strikes oil with hybrid, considering printing SLB

By Mike Turner
06 Oct 2020

Eni, the Italian oil and gas company, got blowout demand for its debut hybrid capital issue on Tuesday, as yield-hungry investors pumped about €14bn of orders into the dual tranche trade.

The issuer, rated Baa1/A-/A- but printing hybrid debt at Baa3/BBB/BBB, opened books for a benchmark sized perpetual non-call January 2026 and a perpetual non-call October 2029 at 3.25% and 3.875%, respectively.

Demand poured into the deal, with each tranche receiving €6.7bn at the tight end of guidance. The bulging ...

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