Dong gets new €700m hybrid capital bond – and not just from coerced investors

Dong, the Danish state-owned oil, gas and power company, priced its issue of a new €700m hybrid capital bond on Wednesday, as part of an exchange for an older hybrid that had been blighted by a change in rating agency criteria.

  • By Jon Hay
  • 21 Jun 2013

The company achieved the full size it wanted, and at the minimum spread of 450bp over mid-swaps it had announced last Thursday. The small new money part of the sale was heavily 

oversubscribed.

The exchange was controversial, because Dong offered to buy the old €700m hybrid back at ...

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