AusNet rarity secures almost eight times euro demand

By Mike Turner
02 Mar 2021

AusNet Services, the Australian power networks company, got a rapturous response from investors for its rare euro hybrid capital bond issue on Tuesday, as they are eager to buy subordinated debt, even though riskier assets sold off last week.

AusNet, rated A3/A- but printing hybrid debt at Baa2/BBB, opened books on its 60 year non-call 5.5 (September 2026) trade at 2%.

“People like the name,” said a London banker off the trade. “They’re rare but not so rare that people don’t know them.”

AusNet was last out for euros ...

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