50 year paper likely after EDF’s £1bn 40 year

16 Sep 2010

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 ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial

Want to learn more? View subscription options