EDP hits €1bn jackpot at tight new issue concession
Energias de Portugal, the Portuguese electricity and gas company, issued its largest public bond since March 2010 on Thursday, after attracting more than €2.7bn of demand from across Europe.
EDP is rated Ba1/BB+/BBB- but the bond was sold as an investment grade transaction.
Initial price thoughts on the 7.3 year transaction were set at 200bp area over mid-swaps. Guidance was set at 190bp-195bp and the deal was priced at the tight end of the range.That equated ...