Eurogrid glides through bond market

Electricity power grid green network from Adobe 6May20 575x375
By Mike Turner
13 Apr 2021

Eurogrid, the German power network company, made light work of a bond market outing on Tuesday, obtaining more than five times oversubscription for a €500m issue in a market subdued by the looming earnings season.

The issuer, rated BBB+ by S&P, opened books on the 12 year (April 2033) bond at 85bp over mid-swaps after a day of marketing by BNP Paribas, Commerzbank, ING and NatWest Markets.

At this level, the deal was coming roughly 25bp back from Eurogrid's curve, according to a syndicate ...

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