Energias de Portugal to price 7yr tightly at 4.25%

Energias de Portugal, the Portuguese electricity company, is set to price a €600m 7.2 year bond at 4.25% on Wednesday — only 25bp wider than where its 2020 notes were trading.

  • By Stefanie Linhardt
  • 13 Nov 2013

The Ba1/BB+/BB- rated issuer launched its transaction as a benchmark on Wednesday with initial price talk in the 4.5% area.

Bookrunners BBVA, Besi, BNP Paribas, BPI, Deutsche Bank, HSBC, JP Morgan, Millennium BCP and Mitsubishi UFJ Securities tightened guidance to 4.25% to 4.375% later in the day, ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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1 Citi 120,126.76 346 12.85%
2 Bank of America Merrill Lynch 99,988.41 288 10.70%
3 Wells Fargo Securities 88,516.28 265 9.47%
4 JPMorgan 69,113.88 208 7.39%
5 Credit Suisse 51,313.00 155 5.49%