EDP hits €1bn jackpot at tight new issue concession

By GlobalCapital
11 Sep 2014

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 ...

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