Eni strikes oil with hybrid, considering printing SLB

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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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