Ewe comes through tough day almost unscathed

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By Mike Turner
15 Oct 2020

Ewe, the German utility, braved a shaky day in the markets on Thursday for its €500m no-grow 12 year bond issue, and still managed a single digit new issue premium.

Ewe, rated Baa1, opened books on the October 2032 at 100bp over mid-swaps after a two day virtual roadshow. 

This is around 35bp to 40bp back of fair value, going from the comparable bonds that leads were using. 

“Very weak day for it,” said a London-based syndicate banker off the ...

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