EnBW uses new bond sale to update on sustainability plan

By Mike Turner
12 Oct 2020

Energie Baden-Württemberg (EnBW), the Germany electricity company, opened books on its €500m no-grow 10 year on Monday, almost a week after the issuer started marketing the trade, which it took as an opportunity to update investors on its sustainability ambitions.

EnBW, rated A3/A-/BBB+, started at initial price thoughts of 75bp over mid-swaps on the deal. The company mandated banks on October 6 and held one-on-one meetings through the week and a global investor call last Friday afternoon.

The delay between mandate and opening books caused some confusion among bankers ...

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