Pennon finds 6.75% is the level for £300m unrated hybrid

Pennon Group, owner of the UK’s South West Water, sold its first hybrid capital issue today, raising £300m.

  • 01 Mar 2013

Unusually for a water company, and a hybrid issuer, all entities in Pennon Group are unrated. The company has therefore not done the deal to support its ratings, but to strengthen its balance sheet in the eyes of shareholders, lenders and possibly its regulator.

“In their official IFRS accounts, ...

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5 Morgan Stanley 44,457.74 265 3.73%

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5 Citi 11,677.27 53 5.87%

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5 Goldman Sachs 1,928.73 16 5.43%

Bookrunners of Dollar Denominated HY Bonds

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1 JPMorgan 14,123.16 113 9.80%
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4 Goldman Sachs 10,344.47 77 7.18%
5 Morgan Stanley 8,543.55 64 5.93%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 SG Corporate & Investment Banking 12,515.88 54 5.47%
2 BNP Paribas 12,267.31 70 5.36%
3 Citi 12,116.90 53 5.29%
4 Bank of America Merrill Lynch 10,703.57 44 4.68%
5 JPMorgan 10,634.11 47 4.65%