Ørsted sterling green hybrid romps home

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By Mike Turner
10 Feb 2021

Ørsted, the Danish power company, pushed into the green hybrid sterling market on Wednesday, with the largely UK-based sterling buyer base proving to be just as keen on the debt as their euro counterparts.

Ørsted, formerly Dong Energy, is rated Baa1/BBB+/BBB+ but prints hybrid debt at Baa3/BB+/BBB-. The company opened books on a perpetual non-call 2033 trade for an expected £400m ($552.67m) at 3%. This is the company’s first foray into sterling hybrids.

At the same time, the issuer started marketing a perpetual ...

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