Telefónica, Iberdrola find deep demand for green hybrids

Adobestock_Iberdrola HQ_575x375_Feb21
By Mike Turner
04 Feb 2021

Telecoms firm Telefónica and utility Iberdrola showed the depth of demand for green hybrids this week, with both Spanish companies building large order books.

Telefónica, rated Baa3/BBB-/BBB and printing hybrid debt at Ba2/BB/BB+, opened books on a euro benchmark sized green hybrid perpetual non-call 8.25 at 3.125%. 

The deal followed a day after Iberdrola attracted €9.5bn of demand for a €2bn dual tranche green hybrid. 

“It’s a bit of a perfect storm,” said a ...

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