RWE completes €2bn hybrid issuance with more Sfr, no euros

RWE, the German power company, returned to the Swiss franc market on Thursday to sell a Sfr150m hybrid capital bond. The successful sale completed a €2bn round of hybrid capital-raising that RWE announced last August to defend its credit ratings, hit by Germany’s sudden abandonment of nuclear power after the Fukushima disaster in March 2011.

  • 29 Jun 2012
Remarkably, RWE has raised the whole €2bn without issuing in euros at all. It began with a Sfr200m deal in October — the first hybrid in Swiss francs from a foreign corporate issuer. In March it issued £750m in the sterling market, then a $500m sold to Asian ...

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2 Deutsche Bank 28,087.32 104 6.34%
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5 Citi 23,312.66 103 5.26%