50 year paper likely after EDF’s £1bn 40 year
Electricité de France exploited sterling investors’ demand for higher yielding long bonds this week by selling a £1bn 40 year deal, the longest tenor seen in the UK corporate market since early 2007. Such was buyers’ appetite for the paper that banks speculated a 50 year note could be issued soon.
EDF, rated Aa3/A+/A+, launched the bond on Tuesday at midday UK time and closed the books less than two hours later after raising about £1.65bn of orders from over 100 accounts, most of them domestic. After coming with guidance of 110bp-115bp over Gilts, bookrunners Credit Suisse, HSBC and
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