EDP and Heimstaden Bostad bring hybrid risk out of the gates

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By Mike Turner
25 Jan 2021

Europe’s corporate bond investors had the chance to pick up some paper from the hairier end of their credit spectrum as this week began, with Portuguese power company Energias de Portugal and Swedish housing firm Heimstaden Bostad out with hybrid capital issues.

EDP’s hybrid was also green, which made it the more attractive of the two to investors.

“The demand for green feels like it has got even stronger this year,” said a lead banker on EDP. “They’re a good credit with a strong following but the green definitely gives it ...

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