AusNet Services and Enel find ample demand for hybrids
AusNet Services, the Australian power networks company, and Italian power company Enel earned rapturous responses from investors for euro hybrid capital bond issues this week, even though the trades followed a sell-off in riskier assets.
AusNet, rated A3/A- but printing hybrid debt at Baa2/BBB, opened books on its 60 year non-call 5.5 year trade at 2% on Tuesday.
“People like the name,” said a London banker off the trade. “They’re rare but not so rare that people don’t know them.”The issuer was last in ...