Eni gets triple oversubscription as hybrids feel the love

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By Mike Turner
04 May 2021

Eni, the Italian oil and gas company, got its chunky €2bn hybrid capital issue comfortably oversubscribed on Tuesday, after a similar success for Orange last week. Corporate bond investors are piling money into anything that offers higher returns.

Eni, rated Baa1/A-/A- but printing hybrids at Baa3/BBB/BBB, opened books for a perpetual non-call six year (May 2027) at 2.375% and a perpetual non-call nine year (May 2030) at 3.25%.

Higher beta bonds remain in strong demand amid European Central Bank bond buying. French telecoms company Orange last week ...

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