EDP trims third off TDR spread in face of BTPs

By Tom Porter
19 Mar 2015

Energias de Portugal (EDP) printed its third tariff deficit receivables (TDR) securitization some 100bp inside its second on Wednesday, though the deal was only slightly oversubscribed.

Arranger and lead manager StormHarbour, along with fellow joint lead managers Santander, Deutsche Bank and JP Morgan priced the single €500m tranche of BBB/BBB/A1 rated two year notes at a re-offer yield of 200bp on Wednesday, a full 100bp inside the level of the €750m Volta II, priced ...

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