Gas Natural’s €1bn deal restores confidence in riskier hybrid sales

Gas Natural Fenosa head office
By Richard Metcalf
12 Nov 2014

Spain's Gas Natural issued its first hybrid capital bond on Wednesday, raising €1bn, after a two day roadshow.

Global co-ordinators Barclays and BBVA, which led the roadshow, were joined by BNP Paribas, Caixa Bank, JP Morgan, Nomura and Santander as bookrunners on the perpetual non-call eight year deal.

“The investor feedback was quite defensive,” said a banker at one of the bookrunners. “It’s just the way the ...

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